Tax deductions: Enjoy them while you can

Given the general tenor in Washington these days, there’s no telling which tax breaks will survive and which will disappear. Already some tax perks are gone. Remember Schedule L? On that now-defunct form, taxpayers could claim above-the-line deductions (that is, no itemizing necessary) for certain disaster losses, sales taxes paid for the purchase of a new car, and a limited amount of property taxes. Those benefits are not available on your 2011 return. Read entire story