Which Tax Breaks Will Be Restored for 2014?
It seems like every year at this time the conversations start to creep up in the media regarding which tax breaks will be renewed and which breaks will get the permanent axe. This year is no different as Congress already let more than 50 such tax breaks expire at the end of 2013. Now the fate of those tax breaks is in the hands of lawmakers yet again and the fate of your tax return could be hanging in the balance. Among those 50+ breaks are several individual breaks that help a lot of taxpayers. Whether or not they are renewed could have a significant affect on your return for 2014. Some of the tax breaks include:
- State and local sales tax deductions
- Tax-free distributions from an IRA for charitable purposes for taxpayers over 70 1/2-years-old.
- Mortgage insurance premiums deduction
- Enhanced rules for donating real property for conservation
These are just some of the many breaks that are sitting in limbo. Meanwhile, many businesses are already loathing the uncertain status of other tax breaks such as the research and development tax credit and bonus depreciation. Even if Congress does get its act together and renews most or all of these tax breaks the delay in doing so could also delay the beginning of the 2015 tax-filing season. That can be a pain for everyone. Most insiders believe that it’s just a matter of time before Congress gets it done, but when that will happen is still anyone’s guess. I any case, you can start preparing for your taxes by contacting GROCO now. Call 1-877-CPA-2006 or click here to set up an appointment online.
2010 Tax Relief Act creates a 100% writeoff for heavy SUVs used entirely for business: HISTORY REPEATS ITSELF
[vc_row][vc_column][vc_column_text]OLD RULE: A calendar year taxpayer bought a $50,000 heavy SUV in June of 2010 and used it 100% for business in 2010. It may write off $40,000 of the cost of the vehicle on its 2010 return, as follows: … $25,000 expensing deduction (Sec. 179(b)(6) Limit, see below under “History”), plus … $12,500 of…
Tax-wise Gifts for Loved Ones
Tax-wise Gifts for Loved Ones One of the great joys of parenting (or grand parenting) is watching your youngsters reach milestones, large and small. Nurturing these loved ones. Offering them the emotional and financial support that they need in order to thrive. From an estate planning perspective, making gifts is an excellent way to accomplish…
10 Things Every Taxpayer Needs to Know About the Pension Law
10 Things Every Taxpayer Needs to Know About the Pension Law The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of…
Planning for Retirement
Planning for Retirement Unfortunately, Social Security’s assets are being rapidly consumed and the number of workers supporting it is shrinking. For us, this means we will have to rely heavily on our personal savings when the time for retirement finally comes. While there are a number of options to help each of us create a…