Revived Tax Breaks for 2013

Several tax provisions were extended through 2013, so they remain good through this tax year. They include:
1. The option to write off state and local sales taxes rather than state income taxes. This works out great for those without W2 state withholding who are still able to itemize on Sch A.
2. Deductions for teachers’ class supplies, private mortgage insurance and college tuition.
3. The American Oppertunity Tax Credit.
4. 50% bonus depreciation is still in effect for assets placed in use in 2013.
5. Up to $500,000 of business assets can be expensed in 2013.

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