Happy new year!
Did you know that the new year brings with it expiration of several tax deductions? And a new Health Insurance Penalty?
Some expiring tax provisions (unless extended-don't count on it !)
- $250.00 Teacher deduction for qualified classroom expenses
- Itemized deduction: Deduction for state/local income general sales tax
- Itemized deduction: Home mortgage insurance premium deduction
- Tuition and fees deduction
- 50% additional first year depreciation deduction
Health Insurance Penalty:
In 2014 those that don't have health insurance could be facing a tax penalty. Read up on the details here: