What are the most important tax credits that are going to expire in 2010?
There are several tax credits that are going to expire on 12/31/10, however, the following are a list of 13 of the most important expiring tax credits that could potentially affect individual taxpayers.
1.Reduced capital gain and qualifying dividend rates.
2.Mortgage insurance premium deduction.
3.American Opportunity Tax credit (the Hope Credit as it was in 2008 is reinstated) .
4.Computer technology and equipment for a 529 college account distribution.
5.The lower $3,000 threshold for calculating the refundable portion of the child tax credit.
6.Personal energy property credit.
7.Alternative motor vehicle credit for qualified advanced lean burning technology motor vehicles.
8.Making work pay credit.
9.Energy-efficient appliance credit.
10.Bonus depreciation allowance for certain longer-lived and transportation property.
11.Increased IRC Sec. 179 depreciation limit ($125,000) and qualifying phase-out threshold ($500,000).
12.Work opportunity tax credit for unemployed veterans and disconnected youths targeted groups.
13.Exclusion for Employer provided mass transit and parking benefits is the same as Employer provided parking.