Sunday, June 24th, 2018

5 Last-Minute Money Moves to Make Before 2014

“There are dozens of energy-related improvements to your home that are going to expire,” says tax expert Barbara Weltman, author of “J.K. Lasser’s 1001 Deductions and Tax Breaks.” Conventional improvements like adding insulation, storm windows and more energy-efficient boilers fall into this category. Weltman says that while it’s possible Congress will opt to extend these tax credits, it might not, which means they expire on Dec. 31. Meanwhile, tax credits for alternative-energy equipment in homes, including solar panels and wind turbines, have been extended through 2016, so there’s no need to put a new year’s rush on those plans. Lowering your taxable income can also yield other benefits, she notes, including what you pay for Medicare Part B (largely doctors visits) and D (prescription drugs), for example.

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