For more information, please contact Sean McCabe:
Phone: 1-877-437-4669 or Email: smccabe@FSITax.com

New tax laws may provide tax breaks

Columbia, MD – February, 10, 2006 – Executives at Maryland-based FSI Tax Corp™ are urging taxpayers to familiarize themselves with new tax laws before filing this year because some changes may affect how much taxpayers owe.

Many of the IRS’s tax law changes are tax breaks for hurricane victims, but several amendments will also affect taxpayers throughout the country.

“Although tax law can be complicated, Gulf Coast residents should take the time to understand their options because most of the changes were implemented to assist hurricane victims,” said FSI Tax Corp™ President Sean McCabe. “These changes include education breaks for students, expanded casualty loss deductions and penalty-free access to retirement funds.”

The new tax code also provides tax breaks for people who spent their time and money helping hurricane victims. Previously taxpayers could only claim donations totaling up to half of their incomes, a limitation that affects wealthy taxpayers, but now they can claim the full amount. Volunteers can also claim a more significant charitable mileage deduction for Katrina-related relief.

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