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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
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+.

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The total amount of tax you pay reaches far beyond what you owe the federal government. Depending on where you live, most likely you're required to pay additional taxes, including property and sales tax. The disparity between the amount of tax you pay in a low-tax city and that in a high-tax city can be dramatic. Living in any of these 10 cities could save you a bundle, although the exact amount may fluctuate based on your income and lifestyle choices.

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