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.
Fool contributor Dan Caplinger owns warrants on Wells Fargo and JPMorgan Chase. The Motley Fool recommends Home Depot and Wells Fargo and owns shares of JPMorgan Chase and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.