New Legislation Extends Popular Tax Provisions
In one of its final actions, Congress passed the Tax Increase Prevention Act of 2014. This legislation extends for one year a host of popular tax provisions (commonly referred to as “tax extenders”) that had expired at the end of 2013. The President is expected to sign the legislation. The following provisions were among those retroactively extended, and are now effective through the end of 2014.
For the full article visit: http://www.dh-cpa.com/client_media/files/pdf/2014Provisions-Extended.pdf
- Deduction for qualified higher-education expenses
- Deduction for classroom expenses paid by educators
- Deduction for state and local general sales tax
- Bonus depreciation
- Expanded IRC Section 179 expensing limits
- Exclusion of gain – qualified small-business stock
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