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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