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Tax Extender Bill Approved
On December 16, 2014 Congress passed and the President signed the Tax Increase Prevention Act of 2014. This bill extended many of the business and personal tax deductions and credits that had expired at the end of 2013. For businesses this included the 50% bonus depreciation and the $250,000 Section 179 deduction. For individuals it included the deduction for mortgage insurance premiums, state and local sales tax deduction and the above the line deduction for higher education expenses. In all there were about 50 tax provisions that were extended through 12/31/2014.
Last Updated by Admin on 2015-01-06 09:06:07 AM