At Bullock, Garner, & Leslie we spend all year preparing for tax season. As 2013 comes to a close, we’re beginning a new 6-part series on tax deductions expiring in 2013. There’s always a chance they can be reinstated, but as for now you can expect to bid these tax deductions farewell. We’ll help you take advantage of them while you can!
Educator’s Expenses: In 2013, K–12 teachers, instructors, counselors, principals and aides can deduct up to $250 of out-of-pocket costs for school supplies.
Cancellation of Debt — Mortgage Debt: This was extended several times and individuals can currently exclude up to $2 million ($1 million for married filing separately) of income from qualified principal residence indebtedness that is canceled because of their financial condition or decline in value of the residence.
Mortgage Insurance Premiums Deduction: If you pay private mortgage insurance and your AGI is under $109,000, you currently treat qualified mortgage insurance premiums as home mortgage interest.
These deductions expire Dec. 31, 2013, so be sure to take advantage now. Bullock, Garner, & Leslie is your Melbourne CPA firm ready to help you maximize your tax deductions for 2013 and plan for the changes coming in 2014.