The tax deal made at the end of 2015 made some temporary tax breaks permanent. For individual tax payers this includes tax-free direct payouts from IRAs to charities, the $250 write-off of supplies for teachers and the option for tax payers to deduct sales tax instead of state income taxes on their federal tax returns.
For 2015 and 2016 – you can still exclude up to $2 million in debt forgiveness for your primary residence.
Credits for energy efficient improvements to your home are extended through 2019.
For businesses, the $500,000 cap for expensing business assets and the 15 year depreciation for qualified leaseh0ld improvements and restaurant renovations was also made a permanent tax break.