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Hegg Accounting Newsletter

 

POPULAR TAX PROVISIONS EXPIRE

More than 50 popular tax provision expired at the end of 2013 and congress failed to extend them before it recessed for the 2014 session.

For individuals, the option to deduct state and local sales and use taxes instead of state and local income taxes; above-the-line deduction for qualified higher education expenses; deduction for up to $2 million of
mortgage debt forgiveness and tax-free distributions by those over 70 from IRAs for charitable purposes.

For businesses, 50% bonus depreciation; a high $500,000 expensing limitation; the research tax credit and the 15-year write-off for leasehold improvements.

TAX EXTENDERS PACKAGE SENT TO PRESIDENT

Congress has passed the package and President Obama is expected to sign it. Briefly this law extends most extenders for one year, creates new "ABLE" savings plans and indexes various penalties for inflation.

This changes the first item of our newsletter so here are some of the "extenders" that have been extended:

-Education deduction
-Tuition deduction
-Mortgage insurance premiums
-State and local sales tax deduction
-IRA distributions directly to charity
-Bonus depreciation
-Section 179 expensing
-Credit for non-business energy property
You may contact us for the complete details

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