Saturday, November 23, 2013
Wall Street Journal Tax Report: Tax Breaks to Grab Before They Expire, by Laura Saunders:
Get 'em while you can. Fifty-five temporary tax provisions are set to expire at the end of 2013.
The full list, published by the staff of Congress's Joint Committee on Taxation, includes many benefits you might not have heard of, such as the three-year depreciation rule for racehorses two years or younger, a write-off for film and TV productions made in the Mississippi Delta Region and an American Samoa development credit.
There are also more than a half-dozen widely used tax breaks on the list. Several have lapsed before but were reinstated retroactively, causing some taxpayers to scramble at the last minute.
- IRA Charitable Rollover
- State Sales Tax Deduction
- Tuition and Fees Deduction
- Educator Expense Deduction
- Mortgage Insurance Premium Deduction
- Forgiven Mortage Debt Exclusion
- Nonbusiness Energy Property Credit
- Section 179 Deduction