Congress Temporarily Extends Expired Tax Breaks for 2014 Filing Season

twl_2014_dec_blog10Struggling homeowners, small businesses, and people who live in states without income tax will get to claim previously expired tax breaks again for 2014. Thanks to a last-minute fix from Congress this week, 54 expired tax breaks have been temporarily approved through the end of the year.  President Obama will review the Congress-approved tax package and is expected to sign it to keep the tax breaks in effect into 2015 and beyond.  One of the standout tax breaks in the package saves struggling homeowners from paying income taxes on forgiven mortgage debt. Another allows taxpayers who live in states that do not have income tax to deduct state and local sales tax on their federal return.

Read the full article to learn about other extended tax breaks.

Image Credit: Chad Miller