More Tax Deductions Expiring End of 2013
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If you have not yet consulted with your North Carolina tax attorney or CPA about several state deductions that are expiring (like the deduction for contributions to NC 529 College Savings Plans), over four dozen federal deductions scheduled to expire at the end of 2013 may prompt you to schedule a meeting soon. Businesses and individuals are both affected by the impending tax changes.
The possibility remains for these deductions to be extended in 2014, but as the laws stand now, 2013 will be the final year taxpayers can take advantage of these deductions. Here are a just a few of the provisions slated to expire:
- Tax-free distributions from Individual Retirement Accounts for charitable purposes
- Credit for health insurance costs of eligible individuals
- Above-the-line deduction for qualified tuition and related expenses
Read the full list of expiring deductions here.
Whether extensions will be passed next year will not be decided soon. Revising tax planning strategies now may help prevent unnecessary tax debts. To stay updated about federal and North Carolina tax news, like our tax attorneys in Chapel Hill on Facebook and follow us on Twitter.
