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.
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