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.
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- 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
Davis and Hodgdon Associates CPAs has been assiting nonprofits, individuals and businesses with tax and accounting services in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].