Take advantage of tax breaks

It’s tax season, and many District 16 residents will notice extra savings on their tax returns thanks to reforms passed by Senate Republicans last year.

Here are some highlights:

Social Security: Starting this year, many of you will be able to deduct a portion of your Social Security Income from your income taxes.

Student Loans: If you’re paying down student loans, make sure you claim our new student loan tax credit.

College Education: If you’re saving for your child or grandchild’s college education, take advantage of the 529 College Savings Plan credit. Joint filers can deduct up to $3,000! If you’re a teacher going back to school for a master’s degree, you can deduct some of your tuition, books, and other instructional materials.

First Home Buyers: If you are saving to buy your first home, you can open a First Time Home Buyers Account, and any interest you earn on that account can be deducted from your taxes. We want to make it easier for you to achieve your own American Dream.

Own Ag Property: If you own ag property, you may notice lower property taxes because of the change in the tax laws on school bond referendums.

Veterans: Your pensions are no longer subject to income taxes. Republicans actually got this done in 2016, but I still get questions about it. I want to make sure all veterans are aware of this change.