Sponsored by Navy Federal Credit Union
TRAFFIC ALERT In Prince George’s County, on the Outer Loop of the Beltway before St. Barnabas Road, traffic gets by on the far left lane.

Several tax credits could soon disappear, study says

WASHINGTON – It could be your last chance to take advantage of several tax credits, according to an end-of-year report from tax publisher CCH.

Many popular tax credits are set to expire at the end of fiscal 2013, unless Congress agrees to extend them:

If you remodeled your home for energy efficiency, you can take a 10 percent tax credit for the materials, up to $500.

Tax breaks of $7,500 on electric vehicles, such as a Ford Focus, Fusion or electric scooter have persuaded some consumers to take the leap and buy a “green” car.

The transit parity tax break allows train commuters to defer $245 a month of pretax salary for commuting expenses.

Teachers who buy supplies for their classroom can get an additional $250 credit.

You won’t be get an enhanced tax break for donating property to conservation organizations.

Charitable contributions from your IRA may end. Now you can transfer up to $100,000, rather than take the required IRA distribution if you are over 70 1/2.

Read more about the tax credits that could soon disappear on CC H’s report.

WTOP’s Alan Etter contributed to this report. Follow @WTOP on Twitter.

Advertiser Content