Which Tax Extensions Will Affect Your 2014 Return?

Tips for Filing Your Tax 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.

Posted in ,
Keeping Harmony and Wealth Within the Family Upon Your Death

Keeping Harmony and Wealth Within the Family Upon Your Death

Keeping Harmony and Wealth Within the Family Upon Your Death Keeping harmony and wealth within the family upon your death is often a tricky thing, as illustrated in this account. “You’ll hear from my lawyer, Jason!” Mr. Stevens yelled at his nephew as he stormed out of the room. Such is how a family Thanksgiving…

PPP FAQs (Paycheck Protection Act Frequently Asked Questions)

PPP FAQs (Paycheck Protection Act Frequently Asked Questions)

PPP FAQs (Paycheck Protection Act Frequently Asked Questions) PPP FAQs (Paycheck Protection Act Frequently Asked Questions).  Since the announcement of the Coronavirus Aid, Relief, and Economic Security ACT (CARES Act), it has sparked both interest and confusion amongst all those considering taking advantage of its benefits.  Particularly the Paycheck Protection program, or PPP.  In an…

A Look Ahead: The Venture Capital Industry of the Future | David Silverman

A Look Ahead: The Venture Capital Industry of the Future | David Silverman

“A Look Ahead: The Venture Capital Industry of The Future”, David Silverman transcript, interview by Alan Olsen, Host of the American Dreams Show: David brings more than 15 years of experience working with technology businesses as a venture capital investor and investment banker. Prior to joining Crosslink, David was a partner at 3i Ventures, a…

Robert Zuccaro

Robert Zuccaro – How Wall Street Reshaped America’s Destiny

Robert Zuccaro interview transcript, “How Wall Street Reshaped America’s Destiny”: Alan Olsen: In 2011 thousands of people gathered in the New York’s Financial district the to protest. The movement became known as, Occupy Wall Street. At the time, the economic collapse of 2008 as well as the huge government bail outs were fresh in the…