Hold your horses, you can't file early...

Latest from the IRS: due to the lateness of tax law changes this year, those who itemize deductions will have to wait until mid-to-late February to file their taxes, as well as those who claim the Tuition & Fees Deduction or the Educator Expenses Deduction on their return.

I get to keep some of my money???

A cut in the payroll tax from 6.2% to 4.2% will replace the "Making Work Pay" Credit of up to $400 per year. The new tax cut will be worth up to $2,136 for single filers, and the savings will be greater than the old credit for all those making over $20,000 p.a.

They passed what!?!?!?!

Most deductions are included in the new compromise tax bill, including indexation of the AMT. What has expired is the deduction of real estate taxes for non-itemizers, i.e., you now have to itemize deductions to claim real estate taxes paid.