Our comprehensive Year End Tax Planning Guide is here!
Last night (Dec. 16), the Senate passed what has become known as the “EXTENDER BILL”, which extends the life of several tax provisions through December 31, 2014. Now that the bill has been passed in both the House and the Senate, President Obama is expected to sign it this week. This piece of legislation affects both business and individual taxpayers.
A few items of interest that are included in the bill:
- Sec 179 limit increases from $25,000 to $500,000
- Bonus depreciation on NEW equipment and qualified leasehold improvements placed in service by year end
- Itemized deduction for individual taxpayer for sales tax paid instead of state income tax
- Teacher supply deduction
- Tuition deduction
- Charitable contribution from IRA accounts for up to $100,000 for taxpayers over 70 ½
For a complete list of tax provisions that were extended, the Journal of Accountancy has a full list here.
We encourage you to speak with a tax professional to guide you through these complex tax regulations, and how they affect you and/or your business.
Click here to view or download the Year End Tax Planning Guide for 2014:
2014 Year End Tax Planning Guide
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