Here are some tax breaks that are set to expire in 2009.

•  If you claim the standard deduction for 2009, you may also claim an additional deduction for real estate property taxes.

 

•  Whether you claim the standard deduction or itemize your deductions for 2009, you can deduct the sales tax you pay on a car or truck purchased by December 31, 2009 (but the deduction is phased out if your income is too high).

 

• If you itemize your deductions for 2009, you can choose to deduct state and local sales taxes instead of claiming a deduction for state income taxes.

 

• If you buy a principal residence by December 1, 2009 and haven’t owned a home during the prior three years, you are entitled to a tax credit of up to $8,000 (but again, there is a phase-out if your income is too high).

 

• If you are age 70 ½ or over and own an IRA, you don’t have to withdraw any funds from your IRA in 2009 unless you wish to.