- Days left

6 Popular Tax Breaks That Could Disappear in 2014

×
Tax forms a broken pencil and a twisted paper clip tell the story of a frustrated person
Alamy
As the end of 2013 approaches, many taxpayers are beginning to look for ways to reduce what they'll owe the IRS when they file their returns next April. But it's April 2015 we're concerned about now, because several key tax breaks that tens of millions of taxpayers enjoy are set to expire on Dec. 31, and that could cost you a pretty penny in the new year.

In recent years, one of the biggest challenges in tax planning has been guessing whether the annual ritual of congressional extensions on tax breaks will happen again. Often, lawmakers pass last-minute or even retroactive extensions to preserve popular incentives for future years. But there's no guarantee that will happen.

So to give you fair warning, here are just a few of the most widely-used tax breaks currently slated to vanish for 2014.



You can follow Motley Fool contributor Dan Caplinger on Twitter @DanCaplinger or on Google+.

Increase your money and finance knowledge from home

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

TurboTax Articles

Incentive Stock Options

Some employers use Incentive Stock Options (ISOs) as a way to attract and retain employees. While ISOs can offer a valuable opportunity to participate in your company's growth and profits, there are tax implications you should be aware of. We'll help you understand ISOs and fill you in on important timetables that affect your tax liability, so you can optimize the value of your ISOs.

What is a 1098-E: Student Loan Interest

If you're currently paying off a student loan, you may get Form 1098-E in the mail from each of your lenders. Your lenders have to report how much interest you pay annually. Student loan interest can be deductible on federal tax returns, but receiving a 1098-E doesn't always mean you're eligible to take the deduction.

Add a Comment

*0 / 3000 Character Maximum