That said, let's review some important items to be aware of as you prepare to file your 2013 taxes, as well as look ahead to potential changes for 2014.

Americans are set to face a host of changes this tax season, both pleasant and not-so-pleasant. Highlights include:

Dozens of tax breaks expired at the end of 2013, but it's important to note that this won't affect your 2013 return. And, by the time next tax season rolls around, Congress may have extended some or all of the expired provisions for 2014.

Here's a look at a few key tax breaks that may not be available going forward:

While we can only wait and see whether Congress acts to extends these and other tax breaks, one change that's already set for next tax season is Obamacare's "individual responsibility payment." If you don't have health insurance in 2014, you'll pay either 1 percent of your taxable income or a flat fee of $95 per uninsured adult and $47.50 per child, whichever is greater, with a maximum of $285 per family.

Tax season is also a good time to consider adjusting your W-4 withholding-especially if you've recently had a substantial change in income or if you plan to retire in 2014. The IRS's withholding calculator can help you determine if you're having too much or too little withheld from your pay.

We hope you find this information helpful as you prepare your 2013 taxes and begin to plan for 2014. As always, we'll update you on the latest tax news as it becomes available, with an eye to helping you minimize your liability and keep your financial plan on track.

IRS CIRCULAR 230 DISCLOSURE:

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There are several items, in particular, that you shouldn't purchase at a drugstore if price is your bottom-line concern because you can usually get them for less elsewhere, say Schaffer and other deal experts. In fact, some of the items you associate most with drugstores aren't even good deals. Here are ten purchases to avoid:

Batteries

Drugstores tend to place batteries at the checkout so you'll notice them and pick up a pack, Schaffer says. But you'll pay a high price for that convenience. You'll save nearly 70% per unit on batteries if you buy them in bulk at warehouse clubs such as BJ's Wholesale, Costco and Sam's Club, says consumer expert Andrea Woroch.

Cleaning products

If you have a sick loved one at home and want to do a little sanitizing, you might be tempted to pick up some cleaning products at the drugstore when you're there buying medicine. But these items tend to be more expensive at the drugstore, says Andrew Schrage, co-owner of the personal finance blog MoneyCrashers. For example, a container of 75 Clorox disinfecting wipes is priced at $6.49 on the CVS Web site, but Walmart sells 105 wipes for $5.88 on its site. The best way to save money on cleaning products, though, is to buy them at a dollar store, often for just a buck. See What to Buy at Dollar Stores.

Eyecare

You'll pay a premium to buy contact solution at the drugstore - even if you buy the drugstore brand versus a name-brand. For example, a 12-ounce bottle can cost you $6 at the drugstore, but you'll pay just $5 for two 12-ounce bottles of Walmart's Equate brand, says Lauren Ward, a research analyst for personal finance site CreditDonkey.com. Similarly, drugstore reading glasses can reach up to $25, but the same prescription strength will only set you back a buck at Dollar Tree, she says.

Greeting cards

Woroch says there's no need to spend upward of $4 on a card that gets thrown in the trash shortly after it's received when you can get one for 50 cents at a dollar store. You also pay just $1 for gift bags and gift wrap at the dollar store, versus several dollars at the drugstore.

Office and school supplies

Avoid buying office supplies such as pens, pencils, notepads and tape at the drugstore because you can get them for less at the dollar store, Schrage says. The actual savings will vary depending upon the drugstore price, he says.

Over-the-counter medicine

Although drugstore brands of over-the-counter medicine are cheaper than their brand-name counterparts, they're still pricier than medications you can buy in bulk at warehouse clubs. Ward says that Costco's generic version of Allegra, the allergy medication, retails for $30 for 120 tablets, while the CVS brand is $12 for only 15 tablets.

Photo prints

You'll get a much better price on prints at Web sites such as Snapfish and Shutterfly -- unless you need them in a hurry, Woroch says. She says a drugstore was charging 50 cents for a 4-by-6 print that would have cost just 9 cents at Snapfish.

Pregnancy tests

No need to spend $10 or more on a pregnancy test at a drugstore when you can get one for $1 at a dollar store. And, yes, the dollar-store test will be just as accurate. Schaffer says that the pricing on other tests and equipment, such as diabetes tests and heart-rate monitors, also tends to be higher at drugstores. For example, an Omron 3 Series blood pressure monitor sells for $59.99 at Walgreens but just $39.88 at Walmart.

Prescription drugs

You probably head to the drugstore when you need a prescription filled. But you can save a lot by getting your prescriptions filled at a warehouse club or online. Schrage says that a recent study by Consumer Reports found that Costco and a few online prescription Web sites had better prices. For example, a month's supply of the generic version of anti-anxiety drug Lexapro costs $7 at Costco but $126 at CVS, according to the Consumer Reports study.

Toys and games

Most drugstores have an entire aisle dedicated to toys and games. But you'll pay a premium if you buy something at the drugstore to cheer up a sick child at home, Ward says. For example, the game Apples to Apples, which retails for $39.99 at a local drugstore, goes for less than $20 on Amazon, she says. And a Play-Doh Fun Factory, $13.99 at the drugstore, is about $8 online.

Read more here.

Markets consolidate to start the year

After a 2013 with no major or even many minor declines, stock markets dropped across the board in January, as investors reassessed their risk tolerances. Driven by the Federal Reserve's (Fed) tapering of its stimulus program, the MSCI Emerging Markets Index was down a steep 6.60 percent. Developed international markets, represented by the MSCI EAFE Index, got hit hard as well, with a decline of 4.03 percent, while the U.S. S&P 500 Index slipped 3.46 percent-somewhat less than the international markets, but still its largest drop in months.

Declines in emerging markets drove increased uncertainty around the world. With the reduction in monetary stimulus in the U.S., as well as the perception of both political and economic risks rising in other countries, investors sold securities, driving values for equities and bonds down in emerging markets. The risk-off trade was reinforced by a collapse in the Argentine peso, a growing political scandal in Turkey that could threaten the government, and riots in Thailand.

Emerging market woes were not the only reason for the sell-off here in the U.S. A contributing factor to the decline was concern about the future profitability of U.S. companies. Among the S&P 500 companies that have so far reported earnings for the fourth quarter of 2013, 44 guided down expectations, with only 10 guiding up for more optimistic growth. Fundamentals remain reasonably strong, but the prospects for future growth are becoming less certain. This was reinforced by several indicators of possible slowdowns in employment and economic growth.

Fixed income assets benefited from the rising risk perceptions. The first month of the year started on a very positive note for duration-sensitive bonds. The Barclays Capital Aggregate Bond Index returned 1.48 percent, reversing in one month more than 70 percent of the losses it sustained during all of 2013. This improvement was linked to a decline in the U.S. 10-year Treasury yield, which closed out January at 2.64 percent, down from 3.03 percent at the start of the month. The rebound in traditional fixed income underlined the diversification benefits that bonds offer, even when rates are at historically low levels.

The only fixed income sectors that struggled were global-and especially emerging market bonds. The J.P. Morgan EMBI Global Core Index slipped 0.85 percent, as nervous investors sold emerging market bonds and currencies and repatriated assets to developed markets. Concerns about slowing growth, higher interest rates, inflation, and Fed tapering were all factors that contributed to weakness in this asset class.

U.S. economy shows signs of slowing growth

Gross domestic product figures for the fourth quarter of 2013 were relatively robust-with initial estimates putting growth at 3.2 percent-but there were signs of a slowing recovery at year-end. The December employment growth figure was significantly below expectations, adding just 74,000 jobs instead of the 200,000 generally forecasted (see chart). Most analysts attributed this to severe weather, but it did introduce an element of uncertainty. Other disappointing data points were the most recent releases of auto sales data, building permits, and housing starts. The most recent releases of business capital expenditures were weak, too, as were new home sales and durable goods orders.

Positive news included strong consumer spending data in December, which is important, given that the consumer has historically contributed more than two-thirds to overall economic growth. There was also a noticeable improvement in the U.S. trade balance, due largely to continued growth in domestic oil and gas production and a rebound in consumer confidence toward the end of December.

Essentially, these were simply signs of potential future weakness, rather than of an imminent slowdown. The positive data still dominates the negative data, but the balance is getting somewhat closer, signaling possible slower but still positive growth in the first part of this year.

Along with external negative developments, such as the weakness in emerging markets, which should hurt U.S. exports, investor expectations have taken a hit. At this point, we still expect growth in 2014 to average in the 2.5-percent range on a real basis, but we are keeping an eye on the data, with special attention to employment.

Government a bright spot

One of the principal positive differences between the start of 2014 and last year is the role of government. Unlike the beginning of 2013, we do not have to worry about a fiscal cliff deterring consumers and businesses; instead, we have the certainty of a two-year budget and spending deal. Also unlike 2013, we no longer have a large tax hike and pending spending cuts. We have an agreement that actually modestly expands spending at the federal level and increases the likelihood of spending growth at the state and local levels. Finally, unlike in 2013, government at all levels is no longer laying people off; government employment appears to have at least stabilized-and may increase.

The only real pending governmental risk factor is the debt ceiling negotiations in February, which have the potential to create the same sort of uncertainty and drama we have seen before. But the politics appear to have shifted enough that it seems unlikely that we will have a major problem. Overall, and with that exception, it appears that we can remove government as a risk factor for at least the near term.

The effects of this are significant, as the private economy has been showing strong growth, despite being slowed by cuts in government spending and hiring. With government stabilizing as both a political influence and an economic actor, the strength of the private sector should become more apparent.

Emerging markets and the fragile five

A principal external risk factor is the slowdown in emerging markets. Although the reduction in stimulus by the Fed is often blamed for this-and is in fact a contributory factor-the real causes are the economic imbalances that the availability of cheap capital allowed to develop in those markets. The growth of imports and consequent build-up of debt in many countries will now have to be corrected during a period of slower growth. The nations that appear to be affected most are what we are calling the "fragile five": Brazil, South Africa, Indonesia, Turkey, and India. All of these countries suffer from high current-account deficits.

On the surface, conditions appear similar to 1998, which led to a crisis, but in fact conditions are much better now. Most of the affected countries have both floating exchange rates and extensive foreign currency reserves, which should allow them to adjust their monetary policies. Therefore, even though investors have pulled back, the rebalance so far has been smooth.

Good fundamentals still in place, but valuations higher

As we move through 2014, the economy should continue its recovery, with growth in employment and income across the board supporting continued progress in other areas. Strong fundamental factors, including the housing market, the oil and gas boom, recovering business investment, and slow-but-steady income and spending growth, should support a healthy economic environment.

At the same time, the weak performance of stock markets around the world in January suggests that investors are reassessing their willingness to take risk and put capital to work at current valuations. While the long-term prospects for stocks remain potentially strong, it appears very possible that short-term weakness will continue. Offsetting this is the strong performance of traditional fixed income assets, as interest rates have declined.

January's events underline the need for a diversified portfolio, as well as a long-term perspective aligned with an investor's goals. The ongoing growth of the economy, which now appears to be back on track, should provide a cushion for any market adjustments in the short term, and proper diversification should further limit their effects on your portfolio. Longer term, cautious optimism remains the appropriate stance, as history has shown us that markets and economies have always returned to a growth path.

Authored by Brad McMillan, vice president, chief investment officer, and Sean Fullerton, investment research analyst, at Commonwealth Financial Network.