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.
Why Are the Ultra-Wealthy So Good at Avoiding Taxes?
While many in the media, as well many lawmakers on the left, would have you believe that the nation’s wealthiest individuals are really good at skipping out on their taxes and that they don’t pay their fair share, the fact is, in most cases, that’s not true. Yes, it is true that many of he…
Why Aren’t People Spending Their Tax Refunds?
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Tax Exemption Legislation Could Be Good News for Political Donors
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To Extend or Not to Extend, That Is the Question?
Have you looked at your calendar yet today? Have you noticed that April 15 has already come and gone? Of course, it’s pretty hard to miss tax day, but some people actually do. So should you file an extension now if you didn’t make it on time? Some people believe filing an extension is a…