millions of Americans scour their finances for anything they might be able to
claim as a means of reducing their federal income tax liabilities. However,
while they may have been able to claim a number of these benefits over the past
several years, taxpayers also need to keep in mind that these can occasionally
expire, and thus they're going to need to research exactly which deductions or
credit are available to them this year.
There are a
number of tax benefits that expired at the end of 2013, and as such it might be
wise for people to make sure that they've done all that's required of them to claim them,
according to a report from the Tahlequah Daily Press. Among these are
deductions to cover the cost of mortgage insurance premiums, distributions from
IRA savings accounts to charity, state and local sales tax, some efficiency
renovations, and even classroom expenses paid by teachers. Further, the
deductions that could have been claimed for mortgage insurance were available
in 2012 and last year, but will be gone for 2014.
off, several deductions expired at the end of 2013, meaning as long as you took
advantage of the deduction before the end of December, they can be
claimed," Denise Deason-Toyne, a certified financial planner and
local attorney, told the newspaper. "Teachers can deduct up to $250 worth
of unreimbursed expenses, and the deduction - called an 'above-the-line'
deduction - means it is made before they get to adjusted gross income, and is
available whether the teacher itemizes or not."
issues for some taxpayers
It should further be noted that other changes made this year could complicate
filings for same-sex married couples, especially if they live in states in
which such marriages are not recognized, the report said. Those that file
jointly with the IRS - because the federal government now recognizes same-sex
marriages - may still have to file separately with their state governments, and
that could complicate matters significantly.
concerned about how they're going to file, or what they'll be able to claim,
may want to consult with a responsible tax professional as a means of making
sure that they're doing everything as well as they can, so as to avoid any
potential issues that might arise if they filed incorrectly.
For a more
in-depth look at Liberty Tax Service, visit the Give Me
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