Tax Extension Bill for 2014

Extender Bill Passes
In late December, Congress finally extended many of the tax provisions that were due to expire at the end of 2013. Here is a list of the commonly used tax provisions that will now be available to you when you file your 2014 tax return. .
• Teacher $250 deduction for qualified classroom expenses
• Deduction for state and local general sales taxes (in place of state income tax deduction)
• Deductibility of home mortgage insurance premiums
• Tuition and fees deduction
• 50% additional first year depreciation deduction for businesses
• Higher Section 179 expense limits for businesses. The 2013 annual expense limit of $500,000 has been expended for qualified assets placed in service in 2014

• Tax-free contributions from qualified retirement plans for charitable contributions

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