a large number of tax rules come up for renewal, and may be approved once again
by federal lawmakers, or else allowed to lapse. As such, it's important for
consumers to know which might be available for the final time this year, and
whether they'll be able to claim them on their returns.
One of the biggest in terms of the number of people who
will be able to qualify for it nationwide involves state and local sales taxes,
according to a report from Business Management Daily. This is mainly beneficial
in parts of the country in which there is no state income tax, or those that
are extremely low, because consumers can choose to deduct these instead.
However, they may have to do a bit of math to see whether they paid more in
sales tax over the course of a year than they did on their income tax; usually
this would apply primarily to people who made sizable purchases, such as those
for automobiles, in which the sales tax could add up to thousands of dollars.
Congress might not choose to renew deductions that allow parents to write off
what they pay for their kids in college tuition and other related education
costs, the report said. Depending upon their modified adjusted gross income,
they may be able to deduct as much as $2,000 or even $4,000.
big one for troubled homeowners faces chopping block
In the immediate wake of the recent recession, consumers were able to avoid
having forgiven mortgage debt counted as income on their annual tax
obligations, as this could add thousands of dollars to their year-end bills,
the report said. However, Congress has yet to renew that tax break for 2014,
and there is some speculation as to whether they will actually do so at all. As
such, those who had mortgage debt forgiven in the past year would do well to
claim it this year.
should also take the time to consult with tax professionals during the filing
period to make sure they're able to qualify for every benefit they claim, and
also spot any that they might have potentially missed.
For a more
in-depth look at Liberty Tax Service, visit the Give Me
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Liberty Tax directly at 1-877-at-Liberty.