At Bullock, Garner, & Leslie we spend all year preparing for tax season. As 2013 comes to a close, we bring you part 3 in our 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!
State and Local Sales Taxes Deduction: Individuals can currently elect to deduct state and local general sales taxes instead of state and local income taxes. This is particularly useful in states without an income tax like Florida .
Tuition and Fees Deduction: Individuals can claim an above-the-line deduction for tuition and fees for qualified higher education expenses.
Qualified Charitable Distributions: Taxpayers over age 70-1/2 can make tax-free transfers from an IRA directly to a charity. Any amounts so transferred count toward the individual’s required minimum distribution, but are not deductible as charitable contributions. The income exclusion expires this year.
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.