Personal tax planning may soon gain front-seat status with US families. Thanks to expiring tax credits and likewise disappearing tax deductions, many will have to hedge against lost breaks in 2014. Energy credits, mortgage insurance premium deductions, and other federal tax benefits will fade away this year. Combined, the changes stand to impact people in Carroll County, Ohio; Columbiana County, Ohio; and all points elsewhere. That makes now the time to figure out what your tax future holds. And the place to figure out how to handle it is the Stark County, Ohio office of Appalachian Basin CPAs.

To paint a clear picture of the growing importance of personal tax planning, here’s a list of the most widely used credits and deductions that will end with 2013:

• Credit for energy efficient appliances.
• Credit for construction of new energy efficient homes.
• Credit for health insurance costs of eligible individuals.
• Deduction for state and local general sales taxes
• Deduction for qualified tuition and related expenses.
• Deduction for certain expenses of elementary and secondary school teachers.

Along with these expiring tax credits and disappearing tax deductions, so goes the ability to write off premiums for mortgage insurance presently deductible as interest that is qualified residence interest. And no one in Stark County, Carroll County, Columbiana County, or anywhere else will be able to receive tax-free distributions from individual retirement plans for charitable purposes or have their discharge of principal residence indebtedness excluded from their gross income.

All things considered, and the 2014 tax year will be vastly different from tax years past. This is especially true for adults currently footing higher education costs for themselves or their children. And individuals whose health insurance costs, educator expenses, or sales tax deductions benefit the balancing act that keeps them out of a higher tax bracket also have genuine cause for concern. Needless to say, what may seem like a list of bullet points at the moment may reveal a costly tax burden in the near future.

Personal tax planning can, however, soften the blows. That is, if you enlist the assistance of the experts at Appalachian Basin CPAs. The task of overcoming impending losses requires a thorough review of your personal and professional circumstances as they are today and as they will be in the future. For people in Carroll County, Ohio, expiring tax credits may prompt a discussion about managing healthcare costs. And for others in Columbiana County, Ohio with more graduations ahead, identifying other useful tax deductions is work that must be done. To learn about other challenges that the team at Appalachian Basin CPAs can guide you through, visit www.abbacpas.com. To schedule your first productive appointment, call 330.437.1182.

Appalachian Basin CPAs
www.abbacpas.com
213 Market Avenue North
Stark County Ohio 44702
330.437.1182