Popular Tax Credits and Deductions Set for Expiration

Although many tax rules are permanent, others are due to expire at some point. The expiring tax rules are often given a temporary extension, though many credits and deductions were terminated at the end of 2013.

Among those expiring in 2013

* Credits for qualified energy home improvements and appliance purchases.

* The credit against health insurance premiums that were previously given to certain taxpayers.

Also set to expire will be;

* A $250 deduction for a teachers’ out-of-pocket classroom supply purchases.

* The deduction for qualified tuition and related expenses.

Will the end of these credits or deductions affect you? Will other tax rule changes impact your finances?

If you would like help minimizing your tax bill and a plan to get the most out of your financial plan, contact our office at (260) 497-9761 to schedule an appointment with our tax advisors.