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