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.
New Health Care Plan Could Be a Huge Boost to the Wealthy
New Health Care Plan Could Be a Huge Boost to the Wealthy Out with the old and in with the new. You might say that has been the calling card of the new presidential administration since Donald Trump took office. From immigration reform to healthcare, and from tax reform to federal government budget cuts, the…
What Type of Person Should Every Business Leader Hire?
What Type of Person Should Every Business Leader Hire? As a business leader you have a lot of responsibilities. In fact, depending on your exact position in the company you work for, you might be the one responsible for all the major decisions that have to be made. As an effective and successful leader, you…
Can You Get a Worthwhile Education at an Affordable Price?
Can You Get a Worthwhile Education at an Affordable Price? It’s no secret that getting a college education is expensive. While some students are fortunate enough to earn a scholarship, most students have to find other means to pay for their schooling. Tuition alone is a significant commitment, not to mention all the other expenses…
Are You Prepared to Take Advantage of the Soaring Stock Market?
Are You Prepared to Take Advantage of the Soaring Stock Market? With all the turmoil going on in Washington and new reports of wrong doing popping up every day, you might not have noticed the stock market lately. However, if you haven’t been paying attention, the market is doing quite well. That is good news…