Law Offices of Connie Yi, PC
California
Estate Planning
& Tax Law
Toll Free: 888-312-6978
Website Navigation Menu

Variety of tax breaks set to expire

As 2013 draws to a close, it seems more and more likely that Congress will not act to extend several federal income tax breaks that taxpayers have come to rely on. While these may expire for the tax year 2014, taxpayers still have one more filing to take advantage of these deductions before they are gone.

One tax deduction that is set to expire is the deduction for tuition and fees for college. Recent data indicates that taxpayers took advantage of this deduction which can be used for up to $4,000 per student, totaling more than $4 billion in savings for those who claimed it in 2010. To use this tax deduction for taxes before it expires, tuition and fees for the 2014 school year will need to be paid before December 31, 2013.

Another deduction that may not be around for the 2014 tax year is the deduction for energy efficient home improvements. This included things like better insulated doors and windows. Only some purchases qualified, so it is important to check the government’s Energy Star website to see if you made any qualifying purchases in 2013 that will help save the environment and your checkbook.

Each of these examples represent relatively modest tax deductions that are available on the federal level that only apply to some taxpayers. The concept behind these types of tax breaks it to encourage seeking higher education and help incentivize purchases that will be more energy efficient. When claiming these deductions it is important that you make sure no one else in the family is claiming them, since miscommunications can lead to a conflict with the IRS if both a parent and child claim the deduction for tuition paid.

Source: ABC 15, “Tax season 2014: 8 disappearing tax breaks,” Dec, 27, 2013.

No Comments

Leave a comment
Comment Information

Contact Us Now to begin your initial consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

FindLaw Network

Office Locations

Law Offices of Connie Yi, PC
490 Post Street, Suite 508
San Francisco, CA 94102
Phone: 415-433-3350
Toll Free: 888-312-6978
Map and Directions

Additional Office Locations:
Pleasanton
323 Ray Street
Pleasanton, CA 94566
Phone: 925-484-0888 
Pleasanton Law Office Map

San Mateo
1900 S. Norfolk Street, Suite 350
San Mateo, CA 94403
Phone: 415-433-3350
Map and Directions

Sunnyvale
1250 Oakmead Pkwy, Suite 210 
Sunnyvale, CA 94085 
Phone: 888-312-6978 
Map and Directions