These 5 individual tax breaks are expiring at the end of 2013. This may be your client’s last chance to snag this valuable tax breaks.
1. Tax Credit for Remodeling Your Home for Energy Efficiency : The credit is 10% of the cost of the building materials used to green your home. These are projects such as adding insulation or a corn stove to your home.
2. Tax Credit for Electric Vehicles: The tax credit for certain 2 or 3 wheeled vehicles expires at the end of the year. However there still may be time for your clients to snag the $7,500 for qualified 4 wheeled vehicles.
3. Tax Credit for Commuters : The tax break that puts train commuters on the same playing field as car commuters may expire. This tax break allows commuters to defer $245 a month of pretax salary to use for commuting expenses.
4. Tax Break for Donated Conservation Property : If any of your clients donate property of easements on their property to conversation organizations they can receive a tax break.
5. Teacher’s Classroom Expense Deduction : School teachers who buy school supplies out of pocket may be eligible for a $250 deduction for unreimbursed expenses.
This list is not exhaustive, but these are common things that your clients may be doing. Spread the information so that you can help you clients save big at tax time.