- 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

What is Inflation?

Why do prices go up?

View Course »

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

TurboTax Articles

When the IRS Classifies Your Business as a Hobby

If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.

Add a Comment

*0 / 3000 Character Maximum