Expiring Tax Exemptions

[imoldernu]

This Forbes Article outlines the tax exmptions scheduled to expire this year.
While the total extent of these deductions may be reversed by congressional action in 2014 (retroactively), they may come back in changes on legislation, but at a lower amount.
Year-End Tax Tips Every Entrepreneur Needs To Know -- Before They Expire - Forbes

The most recent Aljazeera News programs have a good explanation of some of the details... So far, the clip has not appeared on line.

Not mentioned is the expiration of the $7500 credit for "plug in" vehicles.

 

[audreyh1]

Sales taxes paid!

Doubled up property taxes this year and opened donor advised charitable fund to itemize for 2013 and this expiring item helps!

 

[RockyMtn]

Doubled up property taxes this year and opened donor advised charitable fund to itemize for 2013 and this expiring item helps!

+1 on the DAF and doubling up on property taxes.

 

[calmloki]

Why are you paying double property tax? I get that it reduces your taxable income, but what do you do next year? Is the property tax deduction going away in 2014?

 

[RockyMtn]

Why are you paying double property tax? I get that it reduces your taxable income, but what do you do next year? Is the property tax deduction going away in 2014?

Had last chunk of employee stock options that had to be exercised so income in 39.6% bracket plus investment tax of 2.6%. Next year won't have that issue and will be back in the 25% bracket. Deduction of property taxes this year and the DAF were more valuable to me in 2013 than they will be in 2014.

No those deductions aren't going away but I always try and lump deductions in years of high income to get the biggest bang for my deduction buck.

Plus...if I want I can pay 2015 property taxes in 2014.

 

[audreyh1]

Why are you paying double property tax? I get that it reduces your taxable income, but what do you do next year? Is the property tax deduction going away in 2014?

No, but my itemized deductions are under the standard deduction unless I double up every other year.

 

[calmloki]

No, but my itemized deductions are under the standard deduction unless I double up every other year.

Ah - I've no problem exceeding the standard deduction - I like the double every other year plan though - have to review and see if it could work...