How to Know Changes in Tax Deduction Law

Stay up to date with state, federal and local tax laws to stay current on any changes affecting personal and business tax deductions. Follow the state, local and federal tax administration agencies for changes in rules or regulations that affect your ability to take deductions on your income taxes. Contact a tax professional for any opinions on how changes in tax law affect your business or individual deductions.

Instructions

Difficulty: Moderately Challenging

1. Check the "Newsroom" link on the IRS website on a regular basis. Read the press releases and determine if any changes in the US Tax Code, Rules or Regulations that affect IRS tax deductions for individuals or businesses have occurred. Check the language of the Tax Code, Rules or Regulations to verify any changes.
2. Subscribe to IRS e-News Subscriptions. Receive updates via email on changes and issues pertaining to the US Tax code. Subscribe the IRS website by clicking on "E-News Subscriptions" and then the individual publication you are interested in receiving. Provide all requested information to activate your subscription.
3. Visit the online Tax and Accounting Sites Directory for information concerning changes in federal tax law. Click on "Federal Tax Law" for news and updates on tax legislation, court decisions and changes in tax law specifically changes affect deductions.
4. Purchase professional tax periodicals, books and subscription service with updates such as those sold by Thompson Tax and Accounting. Read the updates and tax deduction analysis prepared by these services.
5. Pay attention to the activities of your state and local legislatures, courts and administrative agencies. Read updates to your state and local tax code on a regular basis to stay apprised of changes concerning deductions.
6. Subscribe to any tax related periodicals, research services or updates specific to your state. Contact your local bar association or accounting association for referrals to tax information in your area.
7. Request your lawyer or CPA update you when federal, state or local tax law affecting deductions changes. Be prepared to pay for this service unless your firm provides it free of charge.