My assignment is a PowerPoint, I have completed the entire task - except for the

Question

My assignment is a PowerPoint, I have completed the entire task - except for the last slide... I am having a major brain fart! PLEASE help...

Question ... Of the latest tax law changes, choose 3, and explain if they are favorable to taxpayers under the current economic conditions. Why or why not?

I chose: #1 - Standard mileage rates increased. #2 - As of 2011, only prescribed drugs or insulin are qualified medical expenses.AND #3 - First time homebuyers credit expired before 2011.

PLEASE tell me if you believe each of these changes are Favorable or Unfavorable AND why or why not???

Thanking you in advance for your help!!!

Explanation / Answer

1)since standard mileage rates are increased is favorable for tax payers since the amount will be decreased from their annual tax. 2) only prescribed drugs or insulin are qualified medical expenses since no change is done from 2011 the tax payer will have no benefit and their tax deduction amount will not increase. 3) First time homebuyers credit expired before 2011 is bad since these credit are givn to the people who donot have enough income to loan a home

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