- 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

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

Economics 101

Intro to economics. But fun.

View Course »

TurboTax Articles

A Brief History of Income Taxes

Did you know President Abraham Lincoln, one of America's most beloved leaders, also instituted one of its least liked obligations - the income tax? In this brief history of taxes, see the historical events which shaped income taxes in the United States today.

What Is a Schedule M IRS form?

Note: The content of this article applies only to taxes prepared for 2009 and 2010. It is included here for reference only. In order to take the making work pay tax credit, the IRS requires you to prepare a Schedule M with your federal tax return.

Video: Tax Filing Requirements for Children

Depending on how much money they made during the year, your children may very well have to file for taxes. Learn about tax filing requirements for children with help from TurboTax in this video on tax tips.

Add a Comment

*0 / 3000 Character Maximum