If you itemize deductions, 2009 is the last year you'll have the option to deduct state and local sales tax in lieu of state and local income taxes.
The temporary deduction for sales and excise tax relating to the purchase of a qualified new automobile, light truck, or motorcycle applies to vehicles purchased through December 31, 2009.
The above-the-line deduction for qualified tuition and related expenses expires at the end of 2009.
The provision allowing small businesses to take an additional 50% in first-year depreciation expires at the end of 2009; the expanded $250,000 Section 179 expensing limit for small businesses also expires at the end of 2009.
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