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.
California Comes Out on Top of Estimated Tax Revenue
Who says California isn’t doing well financially? When it comes to taxes, it appears that the Golden State is doing just fine. California is definitely one of the worst locations to live if you want to keep your tax bill low. With the latest report from the state’s Controller, Betty Yee, it’s no wonder that…
How to Choose Your Tax Filing Status if You’re Married
If you’re married then you’ve probably just always filed a joint return with your spouse. In fact, chances are you’ve never even considered filing any other way. However, for some people, married filing jointly is not the best option. Depending on your situation, it could be more advantageous to file separately. Here are some things…
IRS Has Handed Out More Than $100 Billion in Refunds so far
As with every tax season there have been some mistakes that have caused problems for some taxpayers, as well as the usual battle with tax scams that pop up every year. However for the most part, the refund process has gone well to this point. In fact, at the end of February, the IRS reported…
There Is a Bright Side for Early Filers Victimized by Obamacare Gaffe
There’s been no shortage of complaints and problems with Obamacare since the nations new health care coverage law went into effect. In fact, the debate continues to rage on and another major decision from the U.S. Supreme Court is forthcoming in the months ahead. However, for the time being, Obamacare has been a problem for…