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Several Tax Breaks Set to Expire in 2013

Several Tax Breaks Set to Expire in 2013

April 15 may seem like a long way off, but you still have time to take advantage of more than 50 tax breaks set to expire at the end of 2013. 

Everything from teacher classroom expenses, mortgage insurance premiums and transit benefits can save you money on next year's return

“There's a remodeling energy credit, a $500 credit, the electric vehicle credit also is expiring,” says Houston CPA Joe Mastriano.

There are several lesser known credits as well.

“If you lose your house and they cancel your debt, you pick that up as income because its forgiveness of debt,” Mastriano tells KTRH News.  “They were automatically letting you exclude up to $2 million, and that's expiring.”

However, Mastriano says don't just give up once the new year rolls around, and that's where hiring a professional tax preparer comes into play.

“There can always be some backdoor way of getting it,” he says.  “Its important people don't take just a surface view.”

But you don't want to be audited either.  Several red flags for the IRS include large charitable deductions, claiming a home office and rental losses.

 

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