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Old 01-10-2010, 10:44 PM
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What are the most important tax credits that are going to expire in 2009?

There are several tax credits that are going to expire on 12/31/09, however, the following are a list of 21 of the most important expiring tax credits that could potentially affect individual tax payers.

1.Above the line teacher deduction.

2.Additional standard deduction for real property taxes for non-itemizers.

3.Election to deduct sales tax instead of state and local income tax.

4.Above the line deduction on purchase of certain vehicles 164.

5.Higher education expense deduction.

6.Waiver of minimum required distribution rules for certain retirement plans.

7.Tax-free treatment of qualified charitable distributions from IRAs for individuals who are at least aged 70 1/2 and over.

8.Using nonrefundable personal credits against both regular and AMT tax.

9.Alternative motor vehicle credit for qualified hybrid motor vehicles.

10.Research and experimentation expenses credit.

11.Credit for construction of new energy-efficient homes.

12.Economic recovery payment.

13.Increased AMT exemption.

14.Fifteen-year SL cost recovery for certain qualifying leasehold, restaurant and retail improvements.

15.Bonus depreciation allowance for certain qualified property.

16.Increased Sec. 179 depreciation limit ($250,000) and qualifying phase-out threshold.

17.Expensing of “brownfields” environmental remediation costs.

18.Enhanced charitable contributions for certain food, books, and computers.

19.65% subsidy for COBRA health insurance premium payments.

20.Unemployment compensation excluded from income up to $2,400.

21.Reduced estimated tax payments for qualifying small businesses.

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Last edited by TaxGuru : 01-10-2010 at 10:52 PM.


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