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January 8, 2015
 
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Hi There,

On December 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through December 31, 2014, many valuable tax breaks that had expired at the end of 2013. Here are three that you may be able to take advantage of when filing your individual 2014 return:

1. State and local sales tax deduction. Individuals can take an itemized deduction for state and local sales taxes instead of for state and local income taxes. This option can be valuable for taxpayers who live in states with no or low income tax rates or purchase major items, such as a car or boat.

2. Tuition and related expenses deduction. This above-the-line deduction for qualified higher education expenses may be beneficial to taxpayers who’re ineligible for education-related tax credits, though income-based limits also apply to the deduction.

3. Home mortgage debt forgiveness exclusion. Discharge of indebtedness income from qualified principal residence debt, up to a $2 million limit ($1 million for married taxpayers filing separately), may be excluded from gross income.

To learn whether you qualify for these — or other breaks extended by TIPA — please contact your Frazer LLP tax advisor in Brea, 714.990.1040, or Visalia, 559.732.4135.


  
 
 
 
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Online Tax Planning Guide

Tax planning is more complicated yet more important than ever. To save the most, you need to understand how recent tax legislation affects you and take advantage of every tax break you're entitled to. This is exactly what our online Tax Planning Guide is designed to help you do.

As you look through the guide, please note the strategies and tax law provisions that apply to your situation or that you wold like to know more about. Then, call your Frazer LLP tax advisor - or click the button below - with any questions you may have about these or other tax matters or to schedule a time to talk about ways to lighten your tax burden and better achieve your financial objectives.


Schedule An Appointment

 


 
 

Frazer LLP | 135 S. State College Blvd., Brea, CA
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