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55 tax breaks set to expire at the end of the year

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Hal M. Bundrick at The Street has an article about some tax breaks that will be expiring at the end of this year.

One such tax provision dates back to 2002: the $250 above-the-line deduction for classroom expenses incurred by school teachers.

Other perennial tax breaks that are set to expire include the deduction for state and local sales taxes, the above-the-line deduction for tuition and related expenses, as well as the deduction for mortgage insurance premiums.

There is one tiny sliver of hope for taxpayers who may be losing a favorite deduction: in the past, Congress has chosen to retroactively extend expired tax provisions called “tax extenders” — but so far there doesn’t seem to be a move afoot by lawmakers to do so.

A few of the other tax provisions facing expiration at the end of the year include:

  • Credit for two- or three-wheeled plug-in electric vehicles
  • Credit for health insurance costs of eligible individuals
  • Employer wage credit for activated military reservists
  • Discharge of indebtedness on principal residence excluded from gross income of individuals

Altogether, Bundrick details 55. Check them out here: The Street.

More stories about finance.

Photo credit: Maxim_Kazmin – Fotolia.com

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