Whether you're a working American family, a
business, a new hybrid vehicle purchaser, a K-12
educator or a resident of a no-local-income-tax but
high-sales-tax state, there's something for almost
everyone in the two major pieces of tax legislation
just passed by Congress and already signed or soon
to be signed by President George W. Bush.

1) The Working Families Tax Relief Act of 2004:
reinstates a $250 educator expense deduction for
teachers, administrators and aides in K-12 who pay
out of pocket for school supplies, which had been
eliminated last year; restores the full $2,000
clean-fuel deduction for the purchase of a new
hybrid vehicle, which had originally dropped to
$1,500; and adjusts the child tax credit to benefit
more parents.

2) The American Jobs Creation Act of 2004 gives
taxpayers the option of deducting their sales tax or
their state or local income tax as an itemized
deduction, and the big winners may be residents of
Florida and Texas, where there is no income tax but
a sales tax. There are too many provisions (some may
say too much pork) to list here, but for more
details visit these websites:

www.irs.gov/newsroom/article/0,,id=130215,00.html
www.cch.com/Press/news/2004/20041008t.asp
www.cch.com/Press/news/2004/200409231t.asp