At the end of the year, careful taxpayers double-check that they have all of the proper documentation for the tax deductions they plan to claim in January. A number of deductions are expiring in 2013 and will not be available to lower your 2014 tax bill.
Higher education expenses for a dependent
Home loan modifications will be counted as income starting in 2014
Qualified charitable distributions from an IRA
Consult your tax professional about what deductions you can take with you into the new year.
Jim Woods has over 20 years of experience in the markets from working as a stockbroker, financial journalist, and money manager. As well as a book author and regular contributor to numerous investment websites, Jim is the editor of:
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