Cape Gazette

You’ll Miss These 10 Tax Breaks in 2014

By Active Adults Realty | Sep 18, 2014

According to Michael Loftus, Managing Director Loftus Wealth Strategies, “You probably didn’t notice but when the clock struck midnight on December 31, 2013, a number of popular tax benefits, commonly included in the list of provisions referred to  as "tax extenders" expired. While it's possible that Congress could retroactively extend some or all of these items, you'll have to evaluate your 2014 tax situation based on the fact that they're no longer available.

1. Qualified charitable distributions

2. Qualified small business stock exclusion

3. Deduction for higher education expenses

4. Classroom educator expense deduction

5. State and local sales tax deduction

6. Depreciation and expense limits

7. Mortgage insurance premiums

8. Employer-provided commuter expenses

9. Energy efficient home improvements and property

10. Discharge of debt on principal residence

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