Nov 222013
 
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55 Tax Breaks Set to Expire by the End of the Year

Tax breaks are key to reducing taxable income and therefore, the amount of tax due each year. Many tax breaks have a limited life and end on their expiration date unless Congress extends the date of expiration or makes the tax breaks permanent. Here’s a brief list of some of the tax breaks set to expire by December 31, 2013. Which of these, if any, would affect your tax situation if they do expire and Congress does not extend them?

55 Tax Breaks Set to Expire by the End of the Year – MainStreet

A new rule effective for 2013 is the Simplified Home Office Deduction. This allows you to deduct a flat $1,500 for the business use of your home. Most people’s actual home office deduction far exceeds this threshold amount so be sure to evaluate whether the simplified home office deduction or actual expenses provides the greater tax benefit.

For more information or additional assistance with tax issues use the contact form below:

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