There are 67 tax provisions that are set to run out on December 31. Some of these tax breaks might not be renewed, so it would be beneficial for you to take advantage of them now. Some of the tax breaks that are ending soon are labeled “extenders” because Congress repeatedly renews them, but they do not ever make them permanent. Even though they will most likely be renewed, it will not be until after the 2012 election, which creates a hassle for those trying to plan how much estimated taxes to pay.
See Janet Novack, Dozens of Tax Breaks Set to Expire on Dec. 31, Forbes, Dec. 2, 2011.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.
