Tax Relief Blog
I thought you might find this list of tax provisions expiring 12/31/07 helpful as you do year-end tax planning.
TAX PROVISIONS EXPIRING 12/31/07
* Deduction of up to $2,000 or $4,000 (depending on income) for college tuition.
* Option to deduct state and local sales tax instead of state income tax.
* Election to include combat pay as earned income for earned income credit.
* Credit for certain energy-saving home improvements.
* 15-year depreciation for qualified leasehold improvements and qualified restaurant property.
* Deduction for up to $250 for classroom supplies purchased by teachers and other educators.
* Credit for manufacture of qualifying energy-efficient appliances.
* Itemized deduction for mortgage insurance on qualified personal residence.
* Availability of Archer MSAs.
* Option to transfer up to $100,000 from IRA to charity for those 70½ or older.
* Enhanced deductions for donating food and certain books to charity.
* Enhanced deduction for charitable donations of real property for conservation.
* The research and experimentation tax credit.
* Expensing of brownfields environmental remediation costs.
* Qualified zone academy bonds credit.
The increased AMT exemption amounts expired 12/31/06, as did the allowance of certain credits against the AMT. Congress to “fix” this for 2007.
Hope you find this list useful.
Mike Habib, EA
