Expiring Tax Provisions for Individuals

The failure of the "Super Committee" to agree on deficit reduction makes even more uncertain the fate of a number of tax provisions that are scheduled to expire at the end of 2011. Included in that list for individuals: the contribution of up to $100,000 from an IRA directly to charity by an individual at least age 70 ½; enhanced deductions for contributions of conservation easements; reduction in payroll taxes (although this may be extended separately); increased Alternative Minimum Tax exemption; a number of credits such as the adoption credit, energy property credit, first-time homebuyers credit, increased deduction for qualified tuition expenses; and exclusion of 100% of gain on certain small business stock. If any of these apply to your personal situation, act now to take advantage of these tax provisions before the end of the year.