50+ Expired Tax Breaks

With the election over, it's time for Congress to work together and retroactively reinstate over 50 tax breakswhich expired at the end of 2013 and offer many benefits to taxpayers.

As of today 55 tax breaks that are part of the tax code on a temporary basis but are routinely extended. These breaks expired at the end of 2013 and Congress is scurrying to restore them. While some are not well known by the general public, others are more common and widely used. The more common tax breaks include:

• Breaks which allow business to accelerate the write off for purchases of equipment more rapidly.
• Deduction for state and local sales tax, which benefits taxpayers who live in the states without a state income tax, like Tennessee.
• Deductions for teachers who buy classroom supplies with their own money.
• Credit for Research and Development.

Representatives and Senators need to hear from their constituents to push measures forward. Below is a link to find your local Representative or Senator, along with his or her contact information. Please encourage them to act promptly and pass a retroactive tax-extenders package before year-end.

50 Expired Tax Breaks

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