Are you doing some year-end tax planning? The federal tax code contains dozens of popular, but temporary, tax provisions, known as “tax extenders,” that are scheduled to expire after 2013. This recent Congressional Research Service report groups these expiring provisions into six general categories (individual, business, charitable, energy, community development and disaster relief) and provides details on each category of provisions.
Among the individual tax extenders set to expire are the deductions for (1) teacher classroom expenses, (2) state and local sales taxes, (3) qualified tuition and related expenses, and (4) mortgage insurance premiums. The expiring business provisions include the (1) research tax credit, (2) work opportunity tax credit (for businesses hiring members of certain targeted groups), and (3) increased expensing and bonus depreciation allowances.
