Here is a list of tax break extensions that might benefit you:

  • Up to $4,000 of qualifying tuition, fees, and related expenses for post-secondary education¬†for you, your spouse, or your dependents can be deducted regardless of if you itemize.
  • If you itemize you can take the benefit of deducting your state and local sales tax in lieu of state income tax if it is beneficial.
  • Premium Mortgage Insurance can still be included in itemized deductions.
  • Teachers will still be allowed to deduct up to $250 for the cost of classroom supplies regardless of if they itemize.
  • Commuters can reduce their pre-tax income to account for unreimbursed commuting costs (Parking, mass transit, etc.)
  • Tax-free IRA withdrawals for charity – if you are over 70 1/2 you can contribute up to $100,000 from a traditional IRA

Please contact me for more information.