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:

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