At the end of the year, careful taxpayers double-check that they have all of the proper documentation for the tax deductions they plan to claim in January. A number of deductions are expiring in 2013 and will not be available to lower your 2014 tax bill.
- Higher education expenses for a dependent
- Home loan modifications will be counted as income starting in 2014
- Qualified charitable distributions from an IRA
Consult your tax professional about what deductions you can take with you into the new year.