On December 31, 2013 we said goodbye to 2013 and theses 4 tax rebates. Make sure you consult with your tax preparer to ensure you maximize all your deductions for 2013 especially with these changes.
$250 TEACHER DEDUCTION
Currently teachers can do a unlisted $250 deduction on their return. After 2013 teachers will nee to list deductions.
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PMI INSURANCE
This is the last year to itemize your PMI Insurance for your mortgage. The ability to deduct your PMI Insurance from your return will end as of December 31, 2013.
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ENERGY EFFECIENCY REFUND
Did you replace your window before December 31, 2013 for energy efficient ones? Don’t forget about the $500 lifetime credit.
THE EXCLUSION OF DEBT CANCELLATION OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS
If your bank forgave a portion of your home loan this is the last year this is not a taxable event. You may still be able to avoid taxes if you were insolvent but this is a more involved calculation that does not always apply.
DISCLAIMER: This is only a partial list of chances based on some of the most popular items for our clients. SOURCE – IRS.GOV
For the full article visit: http://taxtacklers.com/2013-last-chance-to-claim-these-4-tax-rebates-expires-12312013/
