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.
Will Fewer Audits Lead to More Cheating?
There’s an old saying that cheaters never prosper. Of course, there are probably many people who have gotten away with cheating that would beg to differ. When it comes to taxes, however, it’s always best to avoid cheating. Surely, some people do get away with it, but if you ever get caught it could cost…
Could a Trust Be a Good Way for the Wealthy to Save on Taxes?
When you think of trusts, what comes to mind? While many people think of a financial account that is set up as part of an estate plan, there are a couple of little-known trusts that taxpayers, especially the wealthy, can use to help them save on their tax bill. These trusts are perfectly legal and…
How to Avoid Tax Preparation Scams
With so much to do and so many other important things to worry about, many people will be looking for help over the coming weeks and months with their income tax returns. While some people might just choose the first name they see to file their taxes, whom you choose can actually make a big…
What Steps Lead to an Effective Estate Plan?
Do you have an estate plan? A lot of people don’t, for a lot of different reasons. Some people would rather not discuss their death under any circumstances, other people think they are too young to worry about an estate plan, while others just don’t know, or aren’t, sure where to begin. However, it’s a…