In a previous blog (click here), we posted about the Mortgage Forgiveness Debt Relief Act (“MFDRA”) and how it had yet to be extended by Congress to cover mortgage debts forgiven in 2014. MFDRA prevents homeowners who went through a short sale, foreclosure sale, a principal reduction, or some other type of waiver of a deficiency regarding their primary residence from being taxed on the amount of mortgage debt cancelled or forgiven.
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Posted in Tax Law & IRS Defense
The Internal Revenue Service has made a change to a policy that was rejected in 2010. Based on the proven health benefits of breastfeeding for women and their children, the IRS will now allow mothers to count the costs of breast pumps and other supplies as a medical deduction on their taxes. Breastfeeding women can spend as much as $1,000 each year on nursing supplies, thanks to the efforts of the American Academy of Pediatrics and other breastfeeding advocates that fought in recent years to advance this proposal.
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