Congress has passed the 2014 tax Extenders this week with just a half a month left in the year. The Extenders were passed just for 2014 and will need additional legislation to be valid for future years.
Some of the key Extenders include-
– the above the line deduction for teacher classroom expenses
-discharge of Indebtedness on principal residence excluded from gross income for individuals up tp $2 mil
– Mortgage insurance premiums treated as qualified residence interest
– Tax-free distributions from IRAs to certain public charities for individuals age 70 1/2 or older up to $100,000 per taxpayer per year
-Bonus Depreciation and an increase of Section 179 fixed asset expense limitations back to 2013 levels
And many other tax provisions were restored for both Individuals and Businesses. Please contact our office if you have any questions.