Q:

What new tax deductions are available in 2014?

A:

Quick Answer

There are numerous tax deductions and credits available for individuals in 2014. These include credits for families and dependents, health care, income and savings, education, homeowners and electric vehicle users. Individual deductions for 2014 include work-related deductions and investments, among others.

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Full Answer

Some family and dependent credits include a tax credit for adoption as well as new children introduced into the family as dependents. There are also credits available for the elderly or disabled. With the introduction of the Affordable Care Act, there are tax credits available for those eligible for the Health Care Premium Tax Credit. Credits are also available to homeowners, such as mortgage interest credits, residential energy efficient property credits and low-income housing credits. Electric vehicle owners may be eligible for plug-in electric drive motor vehicle credit as well as the new qualified fuel cell motor credit.

Other deductions can apply for homeowners who sell their home, those who invest in individual retirement accounts, and those who have paid into necessary taxes for the year, including property tax, real estate tax and sales tax. Any charitable contributions for the year are eligible for deductions, and any money paid toward educational tuition, fees and other expenses can be applied toward possible deductions.

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