A number of tax breaks are due to expire at the end of this year. Though Congress may renew some or all of them, there is no way of knowing if or when they will. As part of your year-end 2011 tax review, consider whether any of these opportunities to cut your tax bill fit your situation.
The option for deducting state and local sales taxes in lieu of deducting state and local income taxes.
The above-the-line deduction for up to $4,000 of higher education expenses.
The above-the-line deduction of up to $250 for classroom supplies purchased by teachers.
The tax-free charitable contribution from an IRA of up to $100,000 allowed for taxpayers 70½ or older.
100% bonus depreciation on new equipment purchased by business.
$500 energy credit for energy-saving expenditures for your personal residence.
Section 179 expensing election on up to $500,000 of new or used business equipment purchases.
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