Which Tax Extensions Will Affect Your 2014 Return?
Are You Ready for Your 2014 Taxes? Although many people might answer yes to that question, the fact is taxpayers can only do so much as long as Congress is dragging its feet on several expired tax extenders. The fact that these extenders are still sitting in limbo is nothing new. It happens almost every year, but time is running out to vote on them, which can be frustrating for taxpayers.
Congress extended several laws from 2013 into 2014, which was helpful to a lot of people. Now those same lawmakers need to decide which laws will stay and which laws will go. According to the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act Committee Report several tax provisions are under review for extension. They include:
- Tax-free distributions for charitable purposes from an individual retirement plan
- Mortgage debt forgiveness
- Deduction for state and local general sales taxes
- Mortgage interest premiums deduction
- Credit for energy efficient improvements of existing home
- Deduction for higher education expenses
- Expense deductions for elementary and secondary school teachers
How Congress decides to vote on these important deductions and credits could have a big impact on many taxpayers’ returns. Meantime, the fact that these are still in limbo makes it difficult to plan for the rest of the year. However, at GROCO we can help you get ready for the tax season no matter what. Just give us a call at 1-877-CPA-2006 or click here to contact us online.
AI & Human Potential
Why the Next Tech Revolution May Be About Amplifying — Not Replacing — Us In an era when AI is often framed as an existential threat to employment, creativity, and even human identity, entrepreneur Paul Allen offers a markedly different vision: AI not as a substitute for humanity, but as its most powerful tool for…
Reframing Mental Health For A New Generation Of Athletes
By the time most professional athletes hang up their skates, cleats, or jerseys, the public assumes the hardest battles are behind them. For former professional hockey goaltender Chuck Thuss, the most significant battles began long after the final buzzer. Today, Thuss is the Founder and CEO of Compassionate Connection and co-host of the mental-health-focused podcast…
How Great Leaders Make High-Stakes Decisions
In boardrooms and executive retreats around the world, the most difficult leadership moments rarely announce themselves with flashing lights. They arrive quietly—masked as misalignment, cultural drift, or the slow erosion of strategic focus. For Matt George, these moments are where real leadership is forged. After more than three decades leading one of Illinois’ largest social-impact…
Kollectiv AI
Late one night in San Francisco, long after his kids had gone to sleep, Andrey Akselrod sat at his desk staring at a small stack of papers that had come to define his year. They were hospital bills—simple on the surface, catastrophic in practice. The visit itself had lasted only 24 hours. The aftermath stretched…