This may be the last year to claim some popular tax deductions

Every year, 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.

Further, 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.

A 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.

Consumers 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 Liberty! Magazine. Follow Liberty Tax on Facebook and on Twitter or contact Liberty Tax directly at 1-877-at-Liberty.