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.


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