On January 1, 2014, about 55 tax-related deductions and credits had officially expired. They weren’t voted up or down: they were just temporary provisions that were allowed to expire.
Most assumed that Congress would eventually do what they’ve had a terrible habit of doing which is to wait a bit and extend the laws retroactively to January 1, 2014. But then January passed and nothing. Then February and nothing. Then March… You get the picture.
And now it’s November – nearly December, actually – and those tax extender bills are still sitting in Congress.
To be clear, these are not tax provisions that will affect you in 2015. They’re tax provisions that will – er, would – affect you in 2014. You know, the year that’s almost over. Because, of course, who wants to focus on tax planning in advance? It’s much more fun apparently to scramble after the fact – or at least, that’s the vibe I’m getting from Congress.
– 10 Expired Tax Provisions That Might Affect You in 2014 (Forbes)
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