Some popular tax breaks will end on Dec. 31 - WFXG FOX 54 - News Now

Some popular tax breaks will end on Dec. 31

People are collecting receipts and getting deductions ready for the upcoming tax season, but the IRS is saying that some of the popular tax breaks will expire before the New Year.

Local tax officers said that people who use these tax deductions won't get as much money back from their tax returns. Especially the teachers who rely on the educator expense deduction that reimburses them for classroom supplies

"Crayons, markers, anything they use for their classroom if they're not reimbursed for it they can actually take it as a above the line expense," Henry Bolton told WFXG.

Bolton, an officer at Rhodes-Murphy tax service said teachers in the CSRA might be receiving less money in their future tax refunds.

"They pay more than 250 in reimbursement expenses every year, never fails. I haven't had too many teachers that don't use it."

Bolton said a deduction that allows qualified teachers to get up to $250 for the money spent on classroom expenses expires on Tuesday. Other very popular tax breaks are set to disappear at the end of the year, too.  

"If you're paying that private mortgage insurance, which a number of taxpayers are, on your mortgage, usually you can write that off including your interest and your taxes, but next year you will not. It will expire December 31, 2013"

In addition to those disappearing tax breaks, a credit that gives you $500 back if you've made improvements on your home, runs out on December 31 too.

"A tax break for qualified energy efficient improvements that you make on your home including roofing, doors and windows, and insulation, this will also go away at the end of 2013."

Experts said that if you want to take advantage of tax breaks before they expire, such as the $4,000 tuition and fees deduction, you'll need to pay 2014 spring tuition and fees before December 31.

 

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