Congress Passes Extender Package

Flag-&-Gavel-ThumbnailCongress has approved the Tax Increase Prevention Act of 2014.  This new law retroactively extends “tax extenders” which had expired at the end of 2013.  This allows taxpayers to claim the popular but temporary incentives on their 2014 returns which will be filed in 2015.  These incentives affect individual and business returns in the following areas:

Individual Extenders

  • State and Local Sales Tax Deduction
  • Higher Education Deduction
  • Teachers’ Classroom Expense Deduction
  • Mortgage Debt Exclusion
  • Mortgage Insurance Premium Deduction
  • Charitable Distributions from IRAs
  • Transit Benefits Parity
  • Contribution of Real Property for Conservation Purposes

Business Extenders

  • Bonus Depreciation
  • Code Section 179 Expensing
  • Qualified Leasehold / Retail Improvements, Restaurant Property
  • Research Tax Credit
  • Work Opportunity Tax Credit
  • 100% Exclusion for Gain on Qualified Small Business Stock
  • Reduced Recognition Period for S Corporations Built-in Gains Tax
  • Additional Extenders:

Energy Extenders

  • Code Section 25C Credit
  • Production Tax Credit
  • Biodiesel and Renewable Diesel
  • Plus Additional Extenders

As always, there are specific limitations and considerations based on your specific tax situation.  Please contact Loggins Kern & McCombs for more information.

 

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Please note that we will only post things that are from official sources and have been passed into law. We will not post any information about pending legislation.

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