Extended 2014 Tax Laws

Filed in Tax, Savings by on January 10, 2015

It took Congress until the end of December 2014 to extend these 2014 tax laws, so IRS will not process income tax returns until January 25, 2015.

Business

• Expense 50% of equipment cost as depreciation (no income limit)
• Expense up to $500,000 of equipment cost (income limit)
• Work Opportunity Credit – veterans, qualified individuals
• Research Credit, New Markets Credit
• Enhanced charitable contributions for food inventory

Energy

• Credit for non-business energy efficient property
• Expense energy efficient commercial building cost
• Biodiesel and renewable diesel credits
• Renewable electricity production credit

Individuals

• Tax rate schedule retained
• Teachers – $250 class expenses, even if not itemizing
• Itemized deduction for state and local sales tax
• Deduct state income or sales tax
• Track sales tax or use IRS tables
• Deduct mortgage interest premiums as interest
• Exclude small business stock profit from capital gain
• Deduct up to $4,000 of tuition & expense, even if not itemizing

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