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Congress Passes “Tax Extenders” for 2014

Congress has passed the “tax extenders” to extend many tax provisions for 2014 that had expired at the beginning of the year.  A few of the more common provisions are listed below.

Small Business highlights:

  • The small business (Section 179) depreciation deduction limit on purchases of assets remains at $500,000 limit instead of dropping to $25,000
  • 50% bonus depreciation on new property has also been extended

Personal Tax highlights:

  • Tax free IRA charitable contributions can be made for those over 70 ½
  • The sales tax deduction will continue to be allowed in lieu of the state tax deduction on Schedule A, itemized deductions.
  • The higher education tuition and fees deduction will remain the same
  • Mortgage insurance premiums will continue to be deductible as an itemized deduction

We expect these provisions to be extended for 2015 as well but that will require additional legislative action.

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