Higher education. Prepay qualified higher education expenses for first quarter of 2014. Unless Congress extends it, the up-to-$4,000 deduction for higher education expenses will not be available after 2013. So consider prepaying higher-education tuition for 2014 courses if doing so will boost your 2013 tax deduction.
Generally, a 2013 higher- education deduction is allowed during 2013 or for an academic period beginning in 2013 or in the first three months of 2014, Isdaner noted. A payment made in the first quarter of 2014 can be used as a 2013 deduction, he said.
HSA contributions. A taxpayer who opened a health savings account (HSA) as late as December 2013 is treated as having been an eligible individual for the entire year. So, if you had become eligible for an HAS on, for example, Dec. 1, 2013, you could have made a full year's deductible on behalf of 2013's tax filing.
If you made that maximum contribution, you would have received a deduction of $3,250 for individual coverage, and $6,450 for family coverage.
If you are interested in the Federal Reserve's policies under new chair Janet Yellen, sign up for "Monetary Policy in Transition: Implications for Growth, Markets and the Dollar," hosted by the Global Interdependence Center and Drexel University's LeBow College of Business.
The seminar will be from 8:15 a.m. to 12:30 p.m. Wednesday, April 16, in Drexel's LeBow Hall. The program will feature speakers such as Doug Duncan, Ph.D., senior vice president and chief economist for Fannie Mae; Stu Hoffman, Ph.D., chief economist of PNC Bank; Andre Kurmann, Ph.D., professor of economics at Drexel ; and Catherine Mann, Ph.D., Rosenberg Professor of Global Finance at Brandeis University's International Business School.