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.