top of page

2014 Extenders

The Tax Increase and Prevention Act of 2014 ABLE Act/Omnibus Funding Agreement extended a number of critical tax benefits for individuals and businesses that were set to expire as of 12/31/13. Some of the extenders included:

  • Higher Education Deduction

  • State and Local Sales Tax Deduction

  • Teacher's Classroom Expense Deduction

  • Mortgage Debt Exclusion

  • Mortgage Insurance Deduction

  • Charitable Distributions from IRAs

  • 50% Bonus Depreciation

  • IRC Code Section Expensing to $500,000

  • Qualified Leasehold Improvement Property and Retail/Restaurant Property

  • Work Opportunity Tax Credit

The link above contains a description and analysis of the extenders.

42 views0 comments

Recent Posts

See All

On November 24th the IRS issued Notice 2015-82 announcing an increase in the deductible amount for purchases of tangible property for taxpayers without applicable financial statements from $500.00 per

On September 12, 2013, the IRS and Treasury Department released final regulations under IRC Section 162(a) and 263(a) on the deduction and capitalization of expenditures. The final “repair regulations

bottom of page