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.
Turning Ordinary Lives into Living Legacies
“There was a measurable connection between how well they knew their family stories and how successful they were.” — Kasia Flanagan, founder of Everyday Legacies When historian‑turned‑biographer Kasia Flanagan examined the lives of mixed‑race German‑Samoan descendants for her PhD, she expected to chart migration patterns and cultural shifts. What she didn’t expect was the data point that changed her career:…
Roy Moëd on Turning Memories Into Masterpieces
“There are two dates: you’re born and you die — but it’s the dash in between that tells your story.”– Roy Moëd In an age of scrolling feeds and vanishing digital memories, Roy Moëd is championing something different — something timeless. Through his company LifeBook Memoirs, he’s helping individuals turn their life stories into beautifully…
Mark Lutz: A Lifelong Mission to End Extreme Poverty
When Mark Lutz speaks about eradicating extreme poverty, his passion emanates from a lifetime of service and firsthand experiences around the world. Lutz, Senior Vice President of Global Philanthropy at Opportunity International, has spent more than four decades raising funds for missions and microfinance—transforming countless lives in the process. A Childhood Shaped by Apartheid Born…
Aaron Manoucheri: Building a Multi Generation Legacy in Real Estate
Aaron Manoucheri, a third-generation real estate investor and partner at Manoucheri Brothers LLC, understands the delicate balance between tradition and innovation in the family business. In a recent interview on American Dreams, he shared his journey, philosophy, and insights on navigating the ever-changing real estate landscape while maintaining a deep connection to his roots. A Legacy…