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.
12 Traits of Highly Successful Entrepreneurs
What are the traits of successful entrepreneurs that set them apart from everyone else? What trait do entrepreneurs like Bill Gates, Steve Jobs, Lawrence Ellison, and Richard Branson have that the ordinary entrepreneurs don’t? All these questions are going to be answered in this article. After understudying the lives of successful entrepreneurs, I have been…
9 Characteristics That Millionaire Business people Have in Common
9 Characteristics That Millionaire Business people Have in Common In May 2005, Forbes magazine reported that there were 691 billionaires in the world. 1400 people across the world turn into millionaires every day. Want to become one of them? Of course, you do. Everyone wants the freedom to do business in the way they choose.…
Effectively Managing Your Goals
Effectively Managing Your Goals In effectively managing your goals, you need to know where you are going, start with the end in mind. In order to do this, it is important to establish an effective process to carry out your goals. Some goals may take only days to accomplish while others may take years. In…
What do both Goal Failure and Goal Success have in Common?
What do both Goal Failure and Goal Success have in Common? The other day I was asking my 12-year-old son how basketball practice went (he is playing goal success goal failure with a new year-round competitive team), and how he feels he is doing. He said, “Good.” That’s the typical answer I get from him,…