{"id":5334,"date":"2014-12-26T09:54:02","date_gmt":"2014-12-26T14:54:02","guid":{"rendered":"http:\/\/gtm.com\/household\/?p=5334"},"modified":"2016-02-24T14:14:41","modified_gmt":"2016-02-24T19:14:41","slug":"individual-tax-breaks","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/individual-tax-breaks\/","title":{"rendered":"Individual Tax Breaks for 2014"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-5336 img-rounded\" alt=\"individual tax breaks\" src=\"https:\/\/gtm.com\/household\/wp-content\/uploads\/couple-paying-bills-300x204.jpg\" width=\"300\" height=\"204\" \/>On December 16, 2014, the Senate passed the <a href=\"http:\/\/www.dykema.com\/resources-alerts-president-obama-signs-tax-increase-prevention-act-of-2014-provides-temporary-extenders.html\" target=\"_blank\"><i>Tax Increase Prevention Act of 2014<\/i><\/a> (TIPA), which the House had passed on December 3. The act extends through December 31, 2014, certain tax relief provisions that expired at the end of 2013.<\/p>\n<p>Several of these provisions can produce significant savings for taxpayers on their 2014 income tax returns, but action before January 1, 2015 may be needed to take advantage of some of them. Here&#8217;s a brief summary of the extended individual tax breaks for 2014 that may be most likely to benefit you.<\/p>\n<p><b>Individual Tax Breaks<\/b><\/p>\n<ul>\n<li>Deduction for state and local <i>sales<\/i> tax in lieu of state and local <i>income<\/i> tax<\/li>\n<li><a href=\"https:\/\/www.irs.gov\/publications\/p970\/ch06.html\" target=\"_blank\">Tuition and fees deduction<\/a><\/li>\n<li>Ability of taxpayers age 70 1\/2 or older to make a direct <a href=\"https:\/\/www.irs.gov\/uac\/Newsroom\/Tax-Free-Transfers-to-Charity-Renewed-For-IRA-Owners-70-and-One-Half-or-Older-Rollovers-This-Month-Can-Still-Count-For-2014\" target=\"_blank\">tax-free rollover from an IRA to charity<\/a><\/li>\n<li>Certain home and energy-related breaks<\/li>\n<li><a href=\"https:\/\/www.irs.gov\/uac\/Newsroom\/Special-Exclusion-for-Cancelled-Home-Mortgage-Debt\" target=\"_blank\">Home debt forgiveness exclusion<\/a><\/li>\n<li>Deadline for investing in qualified small business stock that will be eligible for the 100% gain exclusion if held for at least five years<\/li>\n<\/ul>\n<p>Keep in mind that many breaks with more limited applicability have also been extended; it&#8217;s possible some of them could also benefit you. Also, many breaks are subject to a variety of rules and limitations. So please contact your tax advisor or the <a href=\"\/household\/contact-us\/\" target=\"_blank\">experts at GTM<\/a> to determine exactly how you can make the most of this tax relief.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On December 16, 2014, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on December 3. The act extends through December 31, 2014, certain tax relief provisions that expired at the end of 2013. Several of these provisions can produce significant savings for taxpayers on their 2014 income [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[75,80],"tags":[31,38,45,55],"class_list":["post-5334","post","type-post","status-publish","format-standard","hentry","category-household-payroll-taxes","category-tax-wage-laws","tag-household-employer","tag-irs","tag-parents","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Individual Tax Breaks for 2014 - GTM Payroll Services<\/title>\n<meta name=\"description\" content=\"Action before January 1, 2015 may be needed to take advantage of some of the extended individual tax breaks for 2014 that may be most likely to benefit you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtm.com\/household\/individual-tax-breaks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Individual Tax Breaks for 2014 - GTM Payroll Services\" \/>\n<meta property=\"og:description\" content=\"Action before January 1, 2015 may be needed to take advantage of some of the extended individual tax breaks for 2014 that may be most likely to benefit you.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtm.com\/household\/individual-tax-breaks\/\" \/>\n<meta property=\"og:site_name\" content=\"GTM Household\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-26T14:54:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-02-24T19:14:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gtm.com\/household\/wp-content\/uploads\/couple-paying-bills-300x204.jpg\" \/>\n<meta name=\"author\" content=\"GTM\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"GTM\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/\"},\"author\":{\"name\":\"GTM\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#\\\/schema\\\/person\\\/4f13603f5eceedf0b351f141ee682c77\"},\"headline\":\"Individual Tax Breaks for 2014\",\"datePublished\":\"2014-12-26T14:54:02+00:00\",\"dateModified\":\"2016-02-24T19:14:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/\"},\"wordCount\":219,\"publisher\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gtm.com\\\/household\\\/wp-content\\\/uploads\\\/couple-paying-bills-300x204.jpg\",\"keywords\":[\"household employer\",\"IRS\",\"parents\",\"taxes\"],\"articleSection\":[\"Household Payroll &amp; Taxes\",\"Tax &amp; Wage Laws\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/\",\"url\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/\",\"name\":\"Individual Tax Breaks for 2014 - GTM Payroll Services\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gtm.com\\\/household\\\/wp-content\\\/uploads\\\/couple-paying-bills-300x204.jpg\",\"datePublished\":\"2014-12-26T14:54:02+00:00\",\"dateModified\":\"2016-02-24T19:14:41+00:00\",\"description\":\"Action before January 1, 2015 may be needed to take advantage of some of the extended individual tax breaks for 2014 that may be most likely to benefit you.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/#primaryimage\",\"url\":\"https:\\\/\\\/gtm.com\\\/household\\\/wp-content\\\/uploads\\\/couple-paying-bills.jpg\",\"contentUrl\":\"https:\\\/\\\/gtm.com\\\/household\\\/wp-content\\\/uploads\\\/couple-paying-bills.jpg\",\"width\":440,\"height\":300},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/individual-tax-breaks\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/gtm.com\\\/household\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Individual Tax Breaks for 2014\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#website\",\"url\":\"https:\\\/\\\/gtm.com\\\/household\\\/\",\"name\":\"GTM Household\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gtm.com\\\/household\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#organization\",\"name\":\"GTM Payroll Services\",\"url\":\"https:\\\/\\\/gtm.com\\\/household\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/gtm.com\\\/household\\\/wp-content\\\/uploads\\\/gtm-logo-2.png\",\"contentUrl\":\"https:\\\/\\\/gtm.com\\\/household\\\/wp-content\\\/uploads\\\/gtm-logo-2.png\",\"width\":193,\"height\":92,\"caption\":\"GTM Payroll Services\"},\"image\":{\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/gtm.com\\\/household\\\/#\\\/schema\\\/person\\\/4f13603f5eceedf0b351f141ee682c77\",\"name\":\"GTM\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0ed4a8d952fa3f5e27d5f9f1ffdd8528388c88a55d692ef72e2f6e50d49f5fa0?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0ed4a8d952fa3f5e27d5f9f1ffdd8528388c88a55d692ef72e2f6e50d49f5fa0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0ed4a8d952fa3f5e27d5f9f1ffdd8528388c88a55d692ef72e2f6e50d49f5fa0?s=96&d=mm&r=g\",\"caption\":\"GTM\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Individual Tax Breaks for 2014 - GTM Payroll Services","description":"Action before January 1, 2015 may be needed to take advantage of some of the extended individual tax breaks for 2014 that may be most likely to benefit you.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtm.com\/household\/individual-tax-breaks\/","og_locale":"en_US","og_type":"article","og_title":"Individual Tax Breaks for 2014 - GTM Payroll Services","og_description":"Action before January 1, 2015 may be needed to take advantage of some of the extended individual tax breaks for 2014 that may be most likely to benefit you.","og_url":"https:\/\/gtm.com\/household\/individual-tax-breaks\/","og_site_name":"GTM Household","article_published_time":"2014-12-26T14:54:02+00:00","article_modified_time":"2016-02-24T19:14:41+00:00","og_image":[{"url":"https:\/\/gtm.com\/household\/wp-content\/uploads\/couple-paying-bills-300x204.jpg","type":"","width":"","height":""}],"author":"GTM","twitter_card":"summary_large_image","twitter_misc":{"Written by":"GTM","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/#article","isPartOf":{"@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/"},"author":{"name":"GTM","@id":"https:\/\/gtm.com\/household\/#\/schema\/person\/4f13603f5eceedf0b351f141ee682c77"},"headline":"Individual Tax Breaks for 2014","datePublished":"2014-12-26T14:54:02+00:00","dateModified":"2016-02-24T19:14:41+00:00","mainEntityOfPage":{"@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/"},"wordCount":219,"publisher":{"@id":"https:\/\/gtm.com\/household\/#organization"},"image":{"@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/#primaryimage"},"thumbnailUrl":"https:\/\/gtm.com\/household\/wp-content\/uploads\/couple-paying-bills-300x204.jpg","keywords":["household employer","IRS","parents","taxes"],"articleSection":["Household Payroll &amp; Taxes","Tax &amp; Wage Laws"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/","url":"https:\/\/gtm.com\/household\/individual-tax-breaks\/","name":"Individual Tax Breaks for 2014 - GTM Payroll Services","isPartOf":{"@id":"https:\/\/gtm.com\/household\/#website"},"primaryImageOfPage":{"@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/#primaryimage"},"image":{"@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/#primaryimage"},"thumbnailUrl":"https:\/\/gtm.com\/household\/wp-content\/uploads\/couple-paying-bills-300x204.jpg","datePublished":"2014-12-26T14:54:02+00:00","dateModified":"2016-02-24T19:14:41+00:00","description":"Action before January 1, 2015 may be needed to take advantage of some of the extended individual tax breaks for 2014 that may be most likely to benefit you.","breadcrumb":{"@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtm.com\/household\/individual-tax-breaks\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/#primaryimage","url":"https:\/\/gtm.com\/household\/wp-content\/uploads\/couple-paying-bills.jpg","contentUrl":"https:\/\/gtm.com\/household\/wp-content\/uploads\/couple-paying-bills.jpg","width":440,"height":300},{"@type":"BreadcrumbList","@id":"https:\/\/gtm.com\/household\/individual-tax-breaks\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtm.com\/household\/"},{"@type":"ListItem","position":2,"name":"Individual Tax Breaks for 2014"}]},{"@type":"WebSite","@id":"https:\/\/gtm.com\/household\/#website","url":"https:\/\/gtm.com\/household\/","name":"GTM Household","description":"","publisher":{"@id":"https:\/\/gtm.com\/household\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtm.com\/household\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/gtm.com\/household\/#organization","name":"GTM Payroll Services","url":"https:\/\/gtm.com\/household\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gtm.com\/household\/#\/schema\/logo\/image\/","url":"https:\/\/gtm.com\/household\/wp-content\/uploads\/gtm-logo-2.png","contentUrl":"https:\/\/gtm.com\/household\/wp-content\/uploads\/gtm-logo-2.png","width":193,"height":92,"caption":"GTM Payroll Services"},"image":{"@id":"https:\/\/gtm.com\/household\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/gtm.com\/household\/#\/schema\/person\/4f13603f5eceedf0b351f141ee682c77","name":"GTM","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/0ed4a8d952fa3f5e27d5f9f1ffdd8528388c88a55d692ef72e2f6e50d49f5fa0?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/0ed4a8d952fa3f5e27d5f9f1ffdd8528388c88a55d692ef72e2f6e50d49f5fa0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0ed4a8d952fa3f5e27d5f9f1ffdd8528388c88a55d692ef72e2f6e50d49f5fa0?s=96&d=mm&r=g","caption":"GTM"}}]}},"_links":{"self":[{"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/posts\/5334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/comments?post=5334"}],"version-history":[{"count":1,"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/posts\/5334\/revisions"}],"predecessor-version":[{"id":8524,"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/posts\/5334\/revisions\/8524"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/media?parent=5334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/categories?post=5334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/household\/wp-json\/wp\/v2\/tags?post=5334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}