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.
Insanity
Insanity Transcript: So, you’re saying it’s ok. Insanity, is a side-effect of tax law. To receive our free newsletter, contact us here. Subscribe our YouTube Channel for more updates. This transcript was generated by software and may not accurately reflect exactly what was said. Alan Olsen, is the Host of the American Dreams Show and the Managing Partner…
Alan L. Olsen, CPA, MBA(tax)
Alan L. Olsen, CPA, MBA (Tax) Managing Partner Alan is managing partner at Greenstein, Rogoff, Olsen & Co., LLP, (GROCO) and is a respected leader in his field. He is also the radio show host to American Dreams. Alan’s CPA firm resides in the San Francisco Bay Area and serves some of the most influential…
Car Collections: Collectors, Investors, or Dealers Status
Car Collections: Collectors, Investors, or Dealers Status Recently a 1936 Bugatti sold for over $30 million. Granted, that’s the world’s most expensive car, and one of only three ever built, but it raises an important financial question for car collectors. While acquiring beautifully restored antique cars may be someone’s high-octane passion, the IRS could see…
Feds and States Secretly Raising Tax Revenues
Feds and States Secretly Raising Tax Revenues Is the Administration out raising taxes without congressional approval? The surprising answer is a resounding YES. Receiving that notice that you are being audited strikes fear in the hearts of most people. For many, these tough economic times are about to get worse. Tax professionals from across the…