Congress Passes Extenders Package, ABLE ACT, Cuts IRS Budget


December 17, 2014

Congress has approved the Tax Increase Prevention Act of 2014. The new law extends the so-called “tax extenders” retroactively for one year (through 2014). Here is a list of the extenders. Download this tax briefing document for more information and detail.

Individual Extenders:

1.State And Local Sales Tax Deduction
2. Higher Education Deduction
3.Teachers’ Classroom Expense Deduction
4. Mortgage Debt Exclusion
5. Mortgage Insurance Premium Deduction
6. Charitable Distributions From IRAs
7. Transit Benefits Parity
8. Contribution Of Real Property For Conservation Purposes

Business Extenders:

1. Bonus Depreciation
2. Code Sec. 179 Expensing
3. Research Tax Credit
4. Work Opportunity Tax Credit
5.100-Percent Exclusion For Gain On Qualified Small Business Stock

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