Watch Out for Expiring Tax Exemption - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Watch Out for Expiring Tax Exemption

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Are you ready for year-end tax planning?  In between holiday parties and last-minute shopping, it's worth making sure that you are lowering your 2013 tax bill, because December 31st is quickly approaching. 

 Keep an eye on tax breaks that are scheduled to expire in 2014.  Among the more popular disappearing breaks are the deduction for tuition and fees and the expiration of a provision that allows teachers to deduct up to $250 of classroom spending.  Small businesses will feel the pinch when the amount they can deduct for qualified equipment drops from a max of $500 thousand to just $25 thousand.  "A lot of times we don't get a chance to talk to out clients until tax time.  Often times its after the fact.  Had they known about certain expiring provisions, we would've had the chance to talk about that, and have them take advantage of that," said Kevin Sanders, a CPA with Brady & Martz Accounting Firm.

 And Sanders says it's always a good idea to meet with your tax consultant to make sure you're utilizing every provision and credit to help lower your yearly tax.

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