On July 17, 2024, Pennsylvania Governor Josh Shapiro signed Act 56 of 2024 into law. This Bill provides a new tax deduction for student loan interest payments.
Pennsylvania will limit the tax deduction to $2,500, the same as the federal limit. This will save taxpayers a maximum of $77 in taxes. The dream of a college education is now within reach of every Pennsylvania resident (sarcasm intentional). It’s funny listening to our state representatives talk about the burden of student loan debt on our recent college graduates. I guess every little bit helps…but $77.
This new law goes into effect January 1, 2025.
If you would like to discuss your business or personal tax planning, tax preparation, and other financial concerns with an experienced tax professional, we invite you to call 610-594-2601 today to make an appointment at our Exton, PA office to discuss your situation. You can also schedule a consultation at Click Here.
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About Bryan Haarlander, EA, CTRS:
Bryan Haarlander is an IRS-licensed Enrolled Agent and a Certified Tax Resolution Specialist who owns and operates a specialized tax services firm serving clients in the western suburbs of Philadelphia, PA. This includes the cities of Chester Springs, Coatesville, Collegeville, Devon, Downingtown, Exton, King of Prussia, Paoli, Philadelphia, Phoenixville, Pottstown, Radnor, Reading, Wayne, and West Chester. We also serve clients in Delaware, New Jersey, New York, and the United States.
Bryan is well-known for his IRS tax resolution expertise and his book How to Resolve Your IRS Tax Debt Problems.
