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

 

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- Matthew Skomorucha, ABC Sales & Service

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