Below is a list of items that were not extended that are most like to affect the most taxpayers:
- The annual Alternative Minimum Tax patch. If this is not extended, over 4 million additional taxpayers will be snagged by the Alternative Minimum Tax.
- Research Tax Credit.
- Deduction state and local sales tax for those that itemize.
- The $1000 property tax deduction allowed for those that do not itemize.
- The $4000 deduction for college tuition.
- The $250 deduction for teachers that buy their own supplies for classrooms.
- The provision that allows those 70 1/2 or older to transfer up to $100,000 from an IRA to a charity.
The uncertainty of these provisions being extended will make it difficult to determine estimated tax payments for 2010. If taxpayers assume that the deductions will be extended and they are not, they could be subject to penalties for not paying enough estimated taxes.