Here is a first brief explanation of some of the more common - TopicsExpress

First Coast Tax & Accounting

Here is a first brief explanation of some of the more common provisions that were extended. All of this applies retroactively to the beginning of 2014. 1) The $250 deduction for supplies purchased by school teachers. 2) The itemized deduction for state and local sales taxes. This benefits people who live in states with no state income tax as your are only allowed to claim either state and local income taxes or state and local sales tax. 3) Homeowners are allowed to deduct mortgage interest premiums. 4) Forgiven debt from short sales does not have to be included in income. This is limited to $2,000,000 of forgiven debt. 5) The deduction for qualified tuition and expenses for up to $4,000. 6) Residential energy efficiency improvements credit. Some energy efficient doors, windows and HVAC equipment qualify. 7) The section 179 deduction remains at $500,000 for 2014 8) Bonus depreciation is 50% for 2014. These extensions expire in 2015. Hopefully taxpayers will not have to wait until next December to find out if they will be extended again. An overview of the entire bill is available at our website firstcoasttax, click on the resources/newsletters tab.

Posted on: Tue, 06 Jan 2015 14:32:37 +0000

Here is a first brief explanation of some of the more common - TopicsExpress

Trending Topics

Recently Viewed Topics