Congress Passes Extenders Package

Nothing like waiting until the last minute, but Congress passed the Extenders Package of Tax Provisions this past week...but again for only one year-and a year that ends in just a few days. Nevertheless, these provisions apply retroactively to 2014.

A Quick Synopsis of what the extenders package contained:

Individual Extenders:

Expiring provisions that have been renewed for 2014 include:

Election to claim the State and Local sales tax deduction in lieu of State Income taxes;
Higher Education Deduction;
Teachers Classroom Expense Deduction;
Mortgage Debt Exclusion;
Mortgage Insurance Premium Deduction;
Charitable Distributions from IRA's for individuals over 70 1/2

Business Extenders:

There are numerous business extenders, the following is a list of some of the most used provisions:

50-percent bonus depreciation on new assets;
Section 179 expensing-dollar limits $500,000;
Research Tax credit;
Work Opportunity Tax Credit.


Remember to check your bank statements and credit card statements...

Unfortunately accompanying the growth of the electronic shopping era and electronic banking, is growth of fraud. And with many of us receiving online statements for our credit cards and bank statements it's easy not to review the statement each month. But be cautioned...check them.  I did this morning and found $2250.00 on my credit card statement in fraudulent charges-apparently unbeknownst to me I went on a computer buying spree!

I was surprised that when I reported the charges to the credit card company they didn't automatically cancel my credit card and re-issue a new number, I had to request it.  So be sure if fraud happens to you cancel that account and set-up a new one-you know the thieves have your information, why leave a door open for them?

And when you get that email for your monthly credit card or bank statement-take the minute or two it takes to open and save it-it might save you from a nasty surprise later on!