Investors purchasing real estate can also qualify for tax cuts if they purchase homes in certain communities that are designated as Opportunity Zones. These taxpayers do not have to meet the usual requirements of buying to limit the tax bill to $1 million. The tax cuts must be passed by September 26, 2017 and will expire in two years.

Investors interested in investing in this bill have until September 26, 2018 to make purchases.

This bill also Modernized the education tax credit, unrelated to the Hope and Lifetime Learning Credits.

Individuals can now replace FHA's $8,000 contribution limit with up to a $6, 500 credit, subject to a one-time maximum credit no later than December 8, 2017 and one year after that.

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (aka The Tax Relief and Families Act) made some tax changes to education benefits, including a new tax credit and higher educational expenses deductions.

Higher educational institutions can raise tuition and other expenses costs without the need of receipts or purchases to make the changes.

The changes in the deductions are not deductible, such as the change in basis rules and depreciation recapture, as well as changes in educational institution savings account and college tuition credit amounts.

Interest purchased from Federal Reserve Banks and other Fannie Mae and Freddie Mac portfolio loans can be deducted.

A tax credit for work done by those who qualify for the tax credit, up to $250, is also now available in certain cases.

Other changes to tax benefits include an extension of Energy Recovery Act tax benefits for homeowners and renewable energy projects. Foreclosure can be an economic downer, but you can use the status quo if you need taxes. The tax processtax reliefdid not pass, but its very existence in the bill enabled many better tax decisions.

Homeowners have been allowed to deduct major home appliance purchases including central air conditioners, water heaters, gas dryers, and refrigerator free of tax. Homeowners have been allowed to deduct a portion of the cost to fix communicating windows.

Further tax benefits of home improvements include improvement dues paid for 203(k) home improvement loans, and certain energy saving home heating and cooling costs. If the loan qualifies for the energy improvement deduction, the government will now pay for the repair or replacement of the Energyaster 30 - sabotage insulation. If the improvement qualifies for the standard deduction, then the normal capital gain treatment applies. If you decide to make improvements you can look up the IRS treatment for different improvements then contact Francisco De Armas Cubas.

2. More Money goes in Your Checking Account

Last but not least, the bill also increased the BAPCPA automatic contribution deduction from $60 to $70. This may have the greatest impact on those who do not have any qualifying medical savings accounts. People without qualified medical savings accounts were already allowed to contribute up to $2,000, and increased this amount makes funding available for more consumers. These automatic contributions and contributions to traditional IRAs are also now section 529 qualified, a boon for many younger taxpayers wanting to accelerate the growth of their IRA accounts with tax free money.

With these tax breaks for certain customers, theincrease in value and the benefits for the rest of us show more cash being diverted from the wall street into day to day living.