At Bullock, Garner, & Leslie we spend all year preparing for tax season. As 2013 comes to a close, we bring your part 2 in 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!

Personal Energy Property Credit: The US Government has been subsidizing energy efficient home improvements with a credit (subject to a $500 lifetime cap) for qualified energy efficiency improvements and expenditures to a taxpayer’s principal residence. Get that work done now before the credit expires!

Qualified Conservation Contributions: The deduction limit for qualified conservation contributions by individuals is increased from 30% of AGI to 50% of AGI (100% of AGI for qualified farmers and ranchers) and the carry-forward period for qualified contributions in excess of the AGI limit is 15 years. In 2014, there will be no special rules for qualified conservation contributions, so they are subject to the 30%-of-AGI limit and have a five-year carry-forward period. (If that was Greek to you, Bullock Garner & Leslie can translate!)

Qualified Small Business Stock Gain Exclusion: QSBS acquired Sept. 28, 2010–Dec. 31, 2013 qualifies for 100% gain exclusion (if the holding period is met). What happens in 2014: Gains on QSBS acquired after Dec. 31, 2013, qualify for a 50% gain exclusion. Claim those gains now!

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.