President Obama Signs “Tax Increase Prevention Act of 2014”
Here’s a list of the key individual and business provisions that have been extended and may affect you or your business:
- Section 179 expense for new equipment purchases restored to $500,000
- 50 per cent bonus depreciation for new asset purchases
- Credit for nonbusiness energy property
- Above the line deduction for qualified tuition and related expenses
- Above the line deduction of $250 for teacher expenses
- Premiums for mortgage insurance deductible as qualified residence interest
- The provision that permits tax-free distributions to charity from an individual retirement account (IRA) of up to $100,000 per taxpayer per tax year, by taxpayers age 70 1/2 or older
TESTIMONIALS
My company’s most important asset are its people, and I must include Dennis Snyder among them. His company’s services are not only needed but appreciated. He and his staff deliver general accounting, tax preparation, business counsel, and advice with professionalism and expertise. Their ethics, knowledge, value added services and, most importantly, friendship, make Snyder and Company a great firm to do business with.