Some Tax Breaks Expiring in 2013 - WMBB News 13 - The Panhandle's News Leader

Some Tax Breaks Expiring in 2013

Posted: Updated:

As 2013 comes to an end, so do some tax breaks.

"Every year something changes," said Maureen Gilley, a tax advisor at H&R Block in Panama City.

There's a list of more than 20, but a select few may impact you more than others.

"The most important one would be the deduction for the general sales tax," said Gilley.

For example, you won't be able to deduct the general sales tax when it comes to buying big ticket items like a car or a boat. Therefore, Gilley suggests making that purchase now.

"This would be the time to do it," said Gilley. "Of course you only have one more day to do it, but I'm sure car dealers would be more than happy to see you."

Gilley says there are two education tax breaks not returning in 2014 either. This includes up to $4,000 available to parents and students paying for college tuition as well as the educator expense adjustment.

"Educators are allowed to up to 250 dollars of expenses that they personally paid and that the school system did not pay for," said Gilley. "They've had that for many years, but that's going away this year."

If you've made any energy efficient home improvements this year, you could earn up to a $500 credit on your 2013 tax return. It's a tax break that's expiring though so you won't be able to claim any improvements in 2014.

Homeowners who currently pay mortgage insurance won't be able to deduct that cost on next year's tax return.  Gilley says those insurance premiums can be high so the expiring tax break is more of a loss.

Meanwhile, while some are expiring, Gilley says there are still others here to stay.

"A lot of good things like the enhanced childhood credit, the earned income limit, and the fact that you can claim it up to 3 children," said Gilley.

She suggests now is a good time to look at your withholding and determine now if it needs to be adjusted for 2014.

Tax season starts next week and Gilley says it's not too early to start getting your forms together to start filing your 2013 tax return.