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Tax Benefits that were set to expire in 2006 but were extended for the 2007 filing season
Deduction for educator expenses
Tuition and Fess Deduction
District of Columbia first-time homebuyer credit.
LOOKING AHEAD TO 2008
IRA DEDUCTION EXPANDED
You and your spouse, if filing jointly, each may be able to deduct up to $5,000 ($6,000 if age 50 or older at the end of 2008). You may be able to take an IRA deduction if you were covered by a retirement plan and your 2008 modified AGI is less than $63,000 ($105,000 if married filing jointly or qualifying widor (er)).
You may be able to deduct up to an additional $3,000 if you were a participant in a 401 (k) plan and your employer was in bankruptcy in an earlier year.