As 2014 draws to a close, we are still waiting for Congress to pass the popular tax benefits commonly referred to as “extenders.” Although this is less than ideal for planning purposes, the good news is that much of the current Tax Code remains unchanged for the 2014 tax year and beyond. Click here to read the planning guide 2014 Year-End Tax Planning Guide
A List of Key Expired Tax Breaks
Several federal income tax breaks for individuals and businesses expired at the end of 2013. Although we're solidly into 2014, Congress has, so far, failed to extend many of the tax savings opportunities that you've become accustomed to. (Some observers predict that Congress won't act for months.)
ATRA brings some certainty
In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction). The IRS has announced a simplified option that many owners of home-based businesses and some home-based employees may use to figure their deductions for the business use of their homes.
Tax Day 2012 is looming — and after we file our returns, many of us will try to figure out what to do with the seemingly innocuous but possibly crucial documents we use to prepare our returns. Filing electronically can make those records easier to manage. But what should we really keep, and for how long?