Five personal income tax breaks up for vote in Congress

rpo webinar

December 16, 2014

The Senate must vote by tomorrow on whether to extend a variety of major tax breaks for individuals.

The U.S. Senate has until Wednesday to extend a large number of tax breaks affecting major portions of the economy. Extending certain provisions for individual taxpayers will be particularly helpful for people who are underwater on their mortgage, families with college students, teachers, or residents of certain states. The following are some of the tax breaks set to expire:

Untaxed mortgage write-downs. Having your underwater mortgage writen-down is technically income, but Congress had decided not to tax mortgage write-downs back in 2007.

Deduct tuition and education expenses. A vote is need to continue deducting up to $4000 in college tuition or education-related expenses for you, your children or your spouse.

Teachers can write-off up to $250 spent on school supplies. A vote will still be needed in order to continue this seemingly rather reasonable provision.

Use up to $245 in pre-tax dollars per month on public transportation. Without an extension, taking the bus or train will be a little less economical.

Use up to $245 in pre-tax dollars per month on public transportation. Without an extension, taking the bus or train will be a little less economical.

Source: WashingtonPost.com

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