2014 Tax Update and Changes to Deductions, Credits, Expiring and New Provisions

Tax Extenders

Several tax extenders expired at the end of 2013, including but not limited to:

  • Educator expense deduction
  • Tuition expense deductions
  • Deduction for state and local sales taxes
  • Permanent bonus depreciation
  • Tax-free charitable distributions from IRA accounts
  • Exclusion of discharge of principal residence indebtedness from gross income
  • Deduction for mortgage insurance premiums

Legislation is pending to extend these provisions. […]