The tax breaks list always changes . So the tax year 2015 is no different . Here are four tax breaks that are officially expired on December 31, 2014, , but the Congress extended for tax year 2015 . If you are eligible to claim the following four tax breaks and you thought that the tax year has passed , don’t do the mistake. Claim these tax breaks while filing the IRS tax return for tax year 2015
Extended Tax Breaks for 2015 Tax Returns
- Charitable Donations from IRAs:-This is for taxpayers who are 70 1/2 or older. They are required to take minimum distributions from their retirement plans or face penalties. They can now directly donate a certain amount of their IRA funds, tax-free, to qualified charitable organizations.
Educator Expense Deduction: Who is eligible for this tax breaks ? The educators-K-12 teachers, counselor, or principal who worked in a school for at least 900 hours during the school year, can deduct up to $250 of qualified expenses from gross income of tax year .The educator expense deduction can go upto $500 if filing jointly and both spouses were educators.The qualified educators may be able to claim their expenses as miscellaneous, itemized deductions (above the $250 limit, but subject to 2% rule) for 2015 and later tax returns.
Energy improvements Credit: The Congress extended this tax credit till tax year 2016 . The tax credit worth up to 10% of the purchase price of qualified home energy-efficient products between $50 and $500 can be claimed if you have purchased the qualified improvements and placed them into your existing, primary residence (not a new home) during the year.
Tuition and Fees Deduction: Have you paid tuition fees for yourself, your spouse, or a dependent ? Then you can get tax deduction on this account for tax year 2015 up to $ 4000 . Please note that the qualified expenses are tuition, fees, books, supplies, equipment, and other required course materials. The qualified expense does not include room and board even if you paid the expenses with a loan. The tax deduction has been extended till December 31, 2016.