Thanks to the tenacious activity by Congress at year end, the President signed into law the “Tax Increase Prevention Act of 2014,” (TIPA) on December 20, 2014. This is commonly referred to as the “Tax-Extenders” law that retroactively extended, for one year only, many of the previously passed tax breaks for businesses and individuals that expired on December 31, 2013.
Key provisions that were extended include:
- $500,000 expensing under IRC §179;
- 50% bonus depreciation;
- Sales and use tax deduction;
- Exclusion for discharged home mortgage debt;
- IRA-to-charity exclusion;
- $8,000 boost to first-year auto depreciation;
- 15-year write-off for qualified leasehold improvements, retail improvements, and restaurant property,
- Research credit; and
- Nonbusiness energy credit.
Click here for an explanation of some of the more important extenders that may affect your tax situation for 2014. The explanation of the business extenders begins on page 2. Should you need any additional information or explanation, please contact our office at 703.385.8888.
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