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2013 Tax Breaks Set to Expire

There's more than 50 tax breaks that will run out at the end of the year.
JOPLIN, MO.--- There's more than 50 tax breaks that will run out at the end of the year. 

"The year will be over in about 30 days, we're real close and there's 55 tax previsions that are expiring December 31," said Nick Myers, President of Nick Myers CPA, PC. 

Nick Myers is a certified CPA and the president of Nick Myers CPA, PC in Joplin. He suggest getting all your records together and see if you can take advantage of some the expiring provisions.

"Home mortgage insurance premium, that's going to expire this year, so you may want to pay that premium early this year if you have that. The state sales tax provisions are set to expire as an itemize deduction," said Myers. 

He says not everything is personal, there's even a tax break for people in business wanting to make a large purchase. 

"It set to fall from 500,000 this year to fall back to 25,000," said Myers. 

The rules are changing for tuition and fees deductibility as well as IRA "charitable rollover" provision. 

"So, I'd recommend you talk to your tax preparer, CPA, before the end of the year. You still have time to do that," said Myers. 

He adds as you gather your taxes, don't make the most common mistake.

"The information on your tax return doesn't agree with the information that's been reported to the IRS. For example, your W2's, your 10-99's from your stock brokers and your banks," said Myers. 

Anything that's reported to you is also reported to the IRS official forum. Myers says by keeping up with your taxes, you may save yourself time and money. 

"Estimate what your tax return is going to look like in April, but do that now and see if during this last month, you can reduce your tax," said Myers. 

The Missouri Department of Revenue has business and personal information about temporary tax provisions as well as the IRS.


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