Many tax deductions and tax credits have “expired” which means these tax deductions and tax credits were on the 2013 Form 1040 (or business tax return); but, as of today they will not appear on the 2014 1040. There is ongoing discussion in Washington to “extend” these to make them available for 2014-with an uncertain outcome. The following tax deductions and tax credits currently not available for 2014 are:

1. Sales tax deduction.
2. Certain education supplies of teachers deduction.
3. Qualified tuition and related expenses deduction.
4. Tax free distributions of taxpayers over 70 ½ to charitable organizations.
5. Research tax credit.
6. Work Opportunity tax credit.
7. Bonus depreciation and increased Section 179 deduction.
8. Several Energy Tax credits.
9. Other many others

The uncertainty of these will make year-end tax planning more difficult. We will keep you posted on the actions or inactions of Congress on this topic.