Did
you know that while many tax rules are permanent, others are written to expire at some point in the future? These expiring
items are often granted a temporary extension, but a significant
number of popular "extenders" terminated at the end of 2013, including both credits and deductions. A number of credits for qualified energy
home improvements and appliance purchases will no longer be available, along with the credit against health insurance premiums previously granted to certain
taxpayers. Teachers will no longer be able to take the $250 deduction
for out of pocket classroom
supply purchases, and the deduction
for qualified tuition
and related expenses
is set to disappear.
How will the end of these and other credits
or deductions affect you? And what other tax law changes could have an impact on your finances?
Contact our office to find out the answers. We can offer the advice and planning
recommendations you need to minimize
your tax bite and enhance your overall financial
situation.
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