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.
10 Common Tax Filing Mistakes
As this year’s tax deadline approaches, we though it would be a good idea to share 10 common filing mistakes. The American Institute of Certified Public Accountants (AICPA) reminds taxpayers of 10 of the most common mistakes made each year by individual taxpayers on their federal tax returns. These avoidable errors can affect your tax…
7 Choices in Real Estate Foreclosure
Below are 7 choices in real estate foreclosure you will hopefully never actually need. Everyone’s situation is different. This list is merely a compilation of suggestions. Only a guide to help you get started. It should not be a substitute to talking with your CPA/attorney about your individual situation. Other resources may include the internet…
Top Ten Real Estate Tax Breaks
Here’s a look at the Top 10 Real Estate Tax Breaks for the homeowner/investor. Real Estate Tips 1-3 1. Mortgage Loan Interest: Deductions reduce your taxable income against which your taxes due are calculated.2. Home Improvement Loan Interest: You can deduct all the interest on a home improvement loan provided the work is a “capital improvement”…
GROCO’s Mission Statement
GROCO’s Mission Statement About GROCO At Greenstein, Rogoff, Olsen & Co., we strive to deliver the best service to our clients. We are successful because we stay true to our vision, work hard toward our mission, and employ a series of core values. Our Vision is to be the most trusted advisors in the Bay Area serving…