Going, going ... a number of tax deductions set to expire

Friday, December 13, 2013

posted by Caroline Harless

The New Year will bring with it both new taxes and expiring tax breaks that could affect anyone from a small business owner to a wealthy individual or teachers and retirees. Before the end of the year, it is vital that you find out what tax changes will be made in 2014 and plan accordingly. This could mean that now is the time to make some large business purchases, donate to charity or sock it away into your IRA … before it’s too late. Check in with your tax accountant this month about what expiring tax breaks will mean to you.