Here’s a brief summary of the extended breaks that may be most likely to benefit you or your business.
Individual tax breaks
- Deduction for state and local sales tax in lieu of state and local income tax (extended permanently)
- Tuition and fees deduction (extended through 2016)
- Ability of taxpayers age 70½ or older to make a direct tax-free rollover from an IRA to charity (extended permanently)
- Home debt forgiveness exclusion (extended through 2016)
- Small business stock gains exclusion (extended permanently)
Business tax breaks
- Bonus depreciation (extended through 2019)
- Enhanced Section 179 expensing (extended permanently)
- Accelerated depreciation for qualified leasehold-improvement, restaurant and retail-improvement property (extended permanently)
- Transit benefit parity (extended permanently)
- The research credit (extended permanently)
- The Work Opportunity credit (extended through 2019)
Maximize your tax savings
Be sure to consider all of the extended breaks available to you when you file your 2015 tax return and to factor them into your 2016 tax planning. And keep in mind that many breaks with more limited applicability have also been extended; it’s possible some of them could also benefit you. Finally, many breaks are subject to a variety of rules and limitations.
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