Kokomo Tribune; Kokomo, Indiana

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January 25, 2014

Expired tax breaks

Wide array of tax breaks expired at end of 2013

(Continued)

"This is something that we've seen a lot of our clients utilize over the years," Richards said.

For many taxpayers, he said, the math worked out better than withdrawing the money, donating it and then taking a deduction for a charitable contribution. "You can't get better than not have to recognize income even if you don't get the deduction," he said.

ENERGY EFFICIENCY

For the past several years, taxpayers have been able to get a tax credit for making their homes more energy efficient. But list that among the tax breaks that weren't renewed for the 2014 tax year.

In its most recent incarnation, the credit was a lifetime maximum of $500 for such things as insulation, more efficient heating, cooling and hot water systems, doors and windows.

Tax credits for certain electric cars continue into 2014.

COMMUTING TO WORK

Many workers take advantage of employer programs that allow them to pay for certain commuting costs pretax — the cost is deducted straight from income before any taxes are withheld. For the 2013 tax year, the amounts for parking and public transportation were equal — $245 per month. But beginning this year, the public transportation pretax benefit drops to $130 per month.

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