Top three tax write-offs for your 2014 refund

5 years 22 hours 40 minutes ago Tuesday, February 24 2015 Feb 24, 2015 Tuesday, February 24, 2015 4:01:55 AM CST February 24, 2015 in News
By: Megan Judy, KOMU 8 Anchor and James Packard, KOMU 8 Digital Producer

COLUMBIA - Tax season can be a maze of confusion for anyone trying to navigate all the deductions and how to get the most on your refund. 

Accountant Bob Almony spent all of 2014 waiting to see if certain tax provisions would be extended, allowing write-offs for certain people this spring. Last December, they were.

"Quite a few things that impact the majority of the middle class that we were hoping would be extended and most of them were. 24 out of 26 were extended," Almony said.

Here are the top three extentions that can put more money back in your pocket when you file this spring:

1. Up to $4,000 for higher education expenses, a bonus for college students and/or their parents.

2. A deducation for mortgage insurance premiums, or PMI.

3. Energy-efficient home improvements tax credit, meaning you can get a dollar-for-dollar refund up to $500 for getting new windows, upgrading your heating and cooling systems, and similar upgrades.

Tax experts said passing tax legislation retroactively might mean less refunds because taxpayers delayed certain expenses, thinking it couldn't be deducted. 

These deductions have once again expired for 2015, and there's no way of knowing if lawmakers will again extend the benefits to apply to next year's filing.

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