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Dozens Of Tax Breaks Set To Expire

Dozens of individual and corporate tax breaks are set to expire on New Year's Eve.

The tax breaks were left in limbo when members of the U.S. Senate headed home last week without renewing them.

Among the tax breaks affected are the estate tax and deductions for college tuition.

The following benefits are scheduled to expire and will not be available for 2010.

* Deduction for educator expenses in figuring AGI.

* Tuition and fees deduction in figuring AGI.

* Increased standard deduction for real estate taxes or net disaster loss.

* Itemized deduction or increased standard deduction for state or local sales or excise taxes on the purchase of a new motor vehicle.

* Deduction for state and local sales taxes.

* The exclusion from income of up to $2,400 in unemployment compensation.

* The exclusion from income of qualified charitable distributions.

* Government retiree credit.

* District of Columbia first-time homebuyer credit (for homes purchased after 2009).

* Extra $3,000 IRA deduction for employees of bankrupt companies.

* Certain tax benefits for Midwestern disaster areas, including the additional exemption amount if you provided housing for a person displaced by the Midwestern storms, tornadoes, or flooding.

For more information, at visit the IRS Web site.