|CAROLE FELDMAN, Associated Press|
If you didn't take advantage of a wide array of tax credits and deductions last year, it looks like you'll be out of luck in 2014.
While the Bush-era tax cuts were made permanent, a wide array of deductions and credits were given short lifespans.
"The provisions that are scheduled to expire in 2013 are diverse in purpose, including provisions for individuals, businesses, the charitable sector, energy, community assistance, and disaster relief," CRS said in a report to
Think education, energy and state sales tax. Also, mortgage forgiveness and insurance, and a wide array of other tax breaks.
"You've got all these regularly expiring provisions," said
There are a variety of reasons why
Among the tax credits and deductions that expired last
—Students or their parents will no longer be able to take a maximum
Although the tuition and fees deduction expired, there will still be other education-related tax breaks available for students and their parents during the 2014 tax year, including a deduction for interest paid on student loans and the American Opportunity and lifetime learning credits.
—Unless Congress acts, elementary, middle school and high school teachers will no longer be able to take a
STATE AND LOCAL SALES TAX
Taxpayers had temporarily been given the choice of deducting state and local sales taxes instead of state and local income taxes. This had been particularly beneficial for taxpayers who lived in states like
"Folks aren't going to see it anymore," said
In an attempt to help people who lost their homes during the housing crisis or who owed more on the home than its value,
In another change affecting housing,
Taxpayers older than 70½ no longer have the option of contributing to charities directly from their individual retirement accounts. This direct contribution allowed seniors to avoid having to declare the amount withdrawn from the IRA as income — and pay taxes on it.
"This is something that we've seen a lot of our clients utilize over the years," Richards said.
For many taxpayers, he said, the math worked out better than withdrawing the money, donating it and then taking a deduction for a charitable contribution. "You can't get better than not have to recognize income even if you don't get the deduction," he said.
For the past several years, taxpayers have been able to get a tax credit for making their homes more energy efficient. But list that among the tax breaks that weren't renewed for the 2014 tax year.
In its most recent incarnation, the credit was a lifetime maximum of
Tax credits for certain electric cars continue into 2014.
Many workers take advantage of employer programs that allow them to pay for certain commuting costs pretax — the cost is deducted straight from income before any taxes are withheld. For the 2013 tax year, the amounts for parking and public transportation were equal —
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