As the end of the year approaches, now's the time when most people start thinking about ways to save on their taxes in April. But many popular tax breaks are set to expire unless lawmakers take action to save them.
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, discusses those expiring tax provisions and how they could affect you in 2014 and beyond. Dan lists some popular expiring provisions, including deductions for teachers' expenses, pre-tax public transportation contributions, higher-education tuition deductions, and energy-efficiency tax credits, as well as tax-free mortgage forgiveness. Dan points out that expiring business tax provisions could have an even bigger impact, with immediate write-offs and accelerated depreciation having been a big boost to businesses. Dan concludes with a look at how investors could be affected, with Home Depot (NYSE: HD ) and Lowe's (NYSE: LOW ) having benefited from energy-efficiency credits while Wells Fargo (NYSE: WFC ) and JPMorgan Chase (NYSE: JPM ) could find it harder to get customers to modify mortgages if forgiven debt is subject to tax.
Be smart about your taxes
Keeping track of new taxes for 2014 is just one way you can plan to cut your bill to Uncle Sam. In our brand-new special report "How You Can Fight Back Against Higher Taxes," The Motley Fool's tax experts run through what to watch out for in doing your tax planning this year. With its concrete advice on how to cut taxes for decades to come, you won't want to miss out. Click here to get your copy today -- it's absolutely free.