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Friday, January 3, 2014

Less Tax Breaks in 2014; Congress Just Allowed 55 Tax Breaks to Expire

55 Tax Breaks Expired

Tax breaks save businesses and individuals billions of dollars every year, yet every year the government lets many of them expire, and then renews them. At the end of 2013, Congress let 55 tax breaks expire which could have a significant impact on both individual and business tax filers.

Since this happens every year, it would seem to be not a big deal. However, the problem with the latest expiration of tax breaks is that Americans are concerned that the government might not renew them. After what Americans have been experiencing with the government, including program cuts and government shutdown, you can hardly blame them for being anxious about whether or not the tax breaks will be renewed.

Some of the tax breaks include:
  • A deduction for state and local sales taxes benefits people who live in states without state income taxes
  • Tax breaks for college students and commuters who use public transportation
  • Tax credits for companies that invest in research and development
  • Tax exemptions for financial institutions doing business overseas
  • Tax write-offs for teachers who buy classroom supplies with their own money
The current government deficit could mean that some or many of these tax breaks may not be renewed. Also, not knowing whether or not the tax breaks will be renewed makes it difficult for businesses to plan their finances for the next year. One representative from H&R Block offers this advice, "hope for the best but plan for the worst. Then if you get it, great, that's a nice perk. But don't count on it."


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