Expiring or Extended Tax Breaks, Provisions
Depending on the actions - or inactions - of Congress, tax breaks extend, change, and expire; tax rules are rewritten and dollar amounts are adjusted for most current or future tax years. Many times, changes not only apply for the tax year they were enacted for but also to future tax years. Exceptions to this are pointed out here or on the tax deduction or tax credit pages.
Keep up with tax changes and tax code adjustments for the current and future years.
Tax Breaks 2023, 2024
Tax breaks reduce your tax liability and may even increase your tax refund. There are tax savings resulting from tax deductions, tax credits, and other tax incentives. Tax breaks may affect businesses, self-employed, and other individual taxpayers. If you find it hard to keep up with these tax changes, use the eFile.com tax calculators before you start and e-file a tax return on eFile.com.
The good news is that you don't have to be up-to-date on this as the eFile.com Tax App will automatically report the correct tax breaks on your return based on your answers to several simple questions. File your current year tax return by the April IRS tax deadline:
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Here are tax breaks and laws which are changing or expiring from 2022 into 2023:
- Changed: The Residential Clean Energy Credit, formally the Residential Energy Efficient Property Credit, plus the Energy-Efficient Home Improvement Credit
- Changed: The Clean Vehicle Credit, formally the Plug-In Electric Drive Motor Vehicle Credit
- Adjusted most years for inflation:
All the tax year updates are on the linked pages with more specific details, including dollar amounts and percentages. These changes are all implemented into the eFile app before being tested and verified by the IRS. Get your taxes filed on eFile.com and be done with IT: It = Income Taxes.
Back Taxes - What Changed Last Year
Some tax breaks and regulations that expired or changed at the end of 2021 and 2022 were:
Keep up with changing tax laws on the tax news page.
The table below summarizes tax breaks which expired at the end of 2020. This means that these are tax breaks which can not be claimed or used on a 2021 or 2022 Tax Return.
Credit for qualified fuel cell motor vehicles - sec. 30B(k)(1)) - altered and phased out through 2023, extended through 2033.
Credit for alternative fuel vehicle refueling property - sec. 30C(g)) - altered and phased out through 2023, extended through 2033.
Credit for two-wheeled plug-in electric vehicles - sec. 30D(g)(3)(E)(ii)) - extended through 2033.
Credit for health insurance costs of eligible individuals - sec. 35(b)(1)(B))
Deduction for qualified tuition and related expenses - sec. 222(e))
Second generation biofuel producer credit - sec. 40(b)(6)(J))
Indian employment credit - sec. 45A(f)
Credit for production of Indian coal - sec. 45(e)(10)(A)
New markets tax credit - sec. 45D(f)(1))
Credit for construction of new energy efficient homes - sec. 45L(g))
Mine rescue team training credit - sec. 45N(e))
Employer credit for paid family and medical leave - sec. 45S(i))
Work opportunity credit - sec. 51(c)(4))
Exclusion from gross income of discharge of indebtedness on principal residence - sec. 108(a)(1)(E))
Treatment of premiums for certain qualified mortgage insurance as qualified residence interest - sec. 163(h)(3)(E)(iv))
Medical expense deduction: adjusted gross income (AGI) floor 7.5 percent - sec. 213(f)) - extended through 2022.
Black Lung Disability Trust Fund: increase in amount of excise tax on coal - sec. 4121(e)(2))
Tax Years 2018 - 2025
The tax breaks listed below have been changed, extended, added, or expired as of recent years due to tax reform. Also, see the tax year changes listed below as they apply for 2019 and beyond - the Tax Cuts and Jobs Act (TCJA) intended to make changes to last from 2018 Returns through 2025. This means these changes will apply on your IRS 2022-2025 Tax Year Returns - eFileIT. There have been various changes to the tax code - see the American Rescue Plan Act as well as the Build Back Better Plan which failed to pass. Should anything of the listed tax breaks change in the coming tax years, this page will be updated accordingly. For state related tax breaks, visit individual state pages. Simply prepare and e-File your Tax return to be assured that all the latest tax breaks will be applied to your personal tax returns based on a simple online tax interview.
Here are some highlights from the TCJA:
- Alimony & Tax Deduction: This only applies to payments required under a divorce or separation agreement made before the end of 2018. Payments under agreements made January 1, 2019 and later do not qualify for the deduction. Details on divorce and taxes.
- Individual Health Care Tax Penalty: This eliminated penalty applies to taxpayers who did not have health insurance for the entire year and did not claim an exemption for not having insurance.
These tax breaks were changed, extended, added, or expired on January 1, 2018. These changes apply to tax returns for Tax Year 2018 through Tax Year 2025 as it stands now. Should this change, this page will be updated accordingly; click each item for more details. When you prepare your Tax Return via eFile.com, you can be certain that, based on your answers during the tax interview, all the latest tax breaks will be reported on your tax return.
You can keep up to date on the latest information about available tax breaks on eFile.com. We will always update our site with the most recent tax law changes. However, when you prepare and e-file your tax return on eFile.com, you don't have to worry about which tax breaks have changed. We will apply the newest IRS data to your tax return. At eFile.com, we guarantee a 100% accurate tax return and the biggest possible tax refund (or lowest tax balance due) allowed by law. Learn more about eFile.com's service guarantees.
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