The tax extender bill retroactively extends more than 50 expired tax provisions for 2014. The bill is know as the Tax Increase Prevention Act of 2014 as it extends many tax provisions for 2014. Some of the individual tax provisions extended for 2014 are:
- Teacher educator deduction for certain expenses
- Exclusion from income discharge of qualified principal residence indebtedness.
- Reinstating parity between employer provided mass transit and parking benefits
- Treatment of mortgage insurance premiums as qualified residence interest
- Deduction for state and local state income taxes
- Above the line deduction for qualified tuition expenses
- Tax-free distributions from IRS’s for charitable purposes
Some of the tax incentives for businesses:
- 15 year depreciation for qualified leasehold improvements
- First year bonus depreciation for new equipment
- Increase the expensing limit for trade and business equipment
- Basis adjustments to S Corporation stock for making charitable contributions of property
- Reduction in S Corporation recognition period for built-in gain tax
There are many other provisions, so for any other questions please contact our office.