Teachers can deduct up to $250 a year for classroom supplies they pay for on their own.
Cost basis reporting : In a few years, your broker will have to start reporting to the IRS the cost basis - what you paid for securities - when you sell them. The effective date phases in depending on the investment. Reporting will start with stocks acquired in 2011, mutual funds purchased in 2012 and other securities purchased in 2013, CCH reports.
"This could be helpful to people," says Clint Stretch, managing principal of tax policy at Deloitte in Washington. Some investors buy stock, reinvest the dividends and over many years have no idea of the cost basis, he says.
But the motive might be less about helping confused investors and more about raising revenue.
When the IRS has looked at math errors involving cost basis, it found that most of the time, the mistakes worked in taxpayers' favor, Stretch says.
This reporting requirement is expected to generate $6.7 billion over a decade for Uncle Sam, according to CCH.