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.
IRS Overpaid by $6 Billion in Child Tax Credits in 2013
Although no one will probably ever shed a tear to hear that the IRS paid taxpayers too much money, this latest report does nothing to breed confidence in how things are run in the nation’s tax collecting agency. According to reports, the IRS paid about $6 billion in child tax credits last year to people…
Small Business Stock Gain Exclusion Receives 2014 Extension
It’s not like the government to bring everyone some well-needed Christmas cheer, but the new tax bill that lawmakers were finally able to pass brought some good news for many investors before the year ends. It’s unfortunate that it took the entire year to get it done, but at least the tax provisions that did…
Like it or Not, Now Is the Time to Think About Taxes
There are still several days before we officially celebrate Christmas, which means people still have plenty to do, including finding those important last-minute gifts. However, if you are done with your shopping, maybe you can put Christmas aside for a moment and focus on taxes. Taxes are probably the last thing you want to think…
Deutsche Being Bank Accused of Tax Fraud By Federal Prosecutors
The U.S. has been increasingly going after foreign financial institutions that try to skimp on taxes. The latest move from the IRS is an aggressive lawsuit against Deutsche Bank, which the federal tax agency claims owes the U.S. somewhere in the neighborhood of $190 million in overdue taxes, penalties and interest. However, if you ask…