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.
Porter Ellett – Coaches Football with One Arm
His Dream of coaching football caused him to take a much different path in life than he originally intended to take. In this episode of American Dreams, Porter Ellett shares his story of how he came to coach the Kansas City Chiefs. Listen to his inspirational story as he shares how individuals influenced the path…
Ukraine Citizens Pay Zero Tax
The Ukraine government has declared that no Russian tanks or military equipment captured by citizens need to be declared as income for tax purposes. Most countries have a long historical relationship between war and taxing its citizens. War & taxes in the US Here in the US, individual federal income-taxes were originally only required when…
Robert Mixon – Founder of Level Five Associates
After years of serving in the Military as a general, Robert Mixon teaches some of the valuable Leadership lessons which he learned. Among these leadership principles are Trust and Empowerment; Listening; balancing personal and professional life; and Taking charge. Listen to Robert Mixon as He Elaborates on how he got to become a U.S. General,…
4 Reasons Steph Curry is 2022 MVP
4 Reasons Steph Curry is 2022 MVP Here are 4 reasons I believe Steph Curry deserves to be the 2022 NBA MVP despite his recent struggles. First, and by way of full disclosure, I personally really like Steph Curry. However, personal bias aside, it’s hard to deny that Steph is not just a great…