Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-05-2014, 03:34 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
What are the some of the Tax Breaks eliminated in 2014?

There are several tax breaks that were lost in 2014, that many taxpayers will feel a pinch. The following are some of the ones that the will impact many taxpayers.

1. IRA owners aged 70 1/2 and older can no longer distribute up to $100,000 of IRA funds tax-free to charitable organizations. As of 2014, those distributions must be taxed as ordinary income to the account owner before they can go to charity. .

2. Effective 2014, homeowners can no longer deduct mortgage insurance premiums as interest.

3. Also, the mortgage debt exclusion has expired, which allowed underwater homeowners to exclude from taxable income the amount of any mortgage debt forgiveness granted to them by a bank.

4. Many of the tax credits available for energy-efficient home improvements also expired at the end of 2013, including those for home heating and cooling systems, insulation, windows and sealing (but, credits for certain plug-in electric vehicles and solar and wind technologies will remain in effect through 2016).

5. The higher-education tuition deduction, which allowed taxpayers to deduct between $2,000 and $4,000 of qualified tuition expense, expired at the end of 2013, as did the health care coverage tax credit.

6. Teachers are losing above-the-line deductions of up to $250 for unreimbursed educational expenses

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What are some of the Popular Tax Breaks that have expired after 2011? TaxGuru For 2011 0 01-23-2012 03:10 PM
New heavy SUV’s put in service in 2011 are entitled to bigger tax breaks! TaxGuru General 1 10-26-2011 02:51 AM
Health Insurance Tax Breaks for the Self-Employed Samatg For 2010 0 03-14-2011 12:24 PM
Law Offers Special Tax Breaks for Small Business; Act Now and Save, IRS Says Samatg Tax News 0 05-26-2009 06:06 PM
Congress gives tax breaks to Active Duty Soldiers! TaxGuru For 2008 0 06-07-2008 09:41 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.