Tax breaks can come in the form of tax credits, tax deductions, and just tax-saving laws. At the end of this year (December 31), the congressional Joint Committee on Taxation say 55 of them are about to expire. For the record, there is still a chance for many to be extended. Check out Bankrate.com’s Summary of Expiring Tax Breaks here.

Our Tax Chief Janet Moore is quoted as follows:

 

Business taxpayers contemplating any major equipment or software additions should consider making the acquisition before year’s end if they have the income to offset it this year, says Janet Moore, CPA, co-manager of the tax department at the Tuscaloosa office of the Alabama accounting firm JamisonMoneyFarmer PC. “We know the deduction amounts for 2013, but there are no guarantees that these larger deductions will be available next year in 2014,” she says.

 

And on the prospect of major tax reform:

“It may be several years before any major reform can be achieved,” says Moore. “That likely means that extension of many of the temporary tax provisions that were extended for 2012 and 2013 will be delayed until very late in 2014, after tax reform efforts fail.”

We certainly recommend checking out Bankrate’s Tax Blog and Kay Bell (@taxtweet) as valuable reads.