OFF THE WIRE
Just a heads up to a couple of tax deductions that EXPIRE at the end of 2013!! Please pass these along to people who fall in these groups. Thanks!
Teachers will lose out because of the expiration of a provision that lets them deduct up to $250 of their spending on classroom supplies. The National Education Association estimates that teachers spend an average of $400 annually on supplies.
Small businesses will feel the pain when the amount they can deduct for qualified equipment drops from a maximum of $500,000 this year to $25,000 in 2014.
Among the more popular disappearing breaks is the deduction for tuition and fees. Until the end of the year, couples with less than $160,000 in adjusted gross income can take a deduction if they are paying qualified higher education expenses for a dependent. The deduction, which can reach $4,000 for those with income below $130,000, will be gone in 2014.
