Sterling Heights, Mich. (PRWEB) December 18, 2014 -- As of December 16 2014, the US Senate approved legislation, which the House already passed, to extend for one year more than 50 tax provisions that had expired at the end of 2013. The pending retroactive enactment of this legislation will impact the 2014 taxes for many individuals and businesses. Among the key provisions that are extended in the Tax Increase Prevention Act of 2014 are:
BUSINESS PROVISIONS
Bonus depreciation
Section 179 expensing
15 year write-off for restaurant property and qualified leasehold and retail improvement property
Research and development credit
Work opportunity tax credit
Reduction in S corporation built in gains period
100% exclusion of gain on certain small business stock
INDIVIDUAL PROVISIONS
Above the line deduction for educator expenses
Exclusion for discharged home mortgage debt
Deduction for sales and use tax in lieu of state income taxes
Above the line deduction for higher education expenses
Nontaxable IRA transfers to eligible charities
ENERGY-RELATED PROVISIONS
Nonbusiness energy property credit
New energy efficient home credit
Energy efficient commercial building deduction
Alternate fuel credit
Biodiesel mixture excise tax credit
The bill now goes to President Obama and is expected to be signed into law quickly. Once signed by the President, these provisions will become effective January 1, 2014 but are due to expire in a short 14 days from now. So unless there is some action by Congress in early 2015 relating to these provisions, we may have another year of tax uncertainty ahead of us.
For more information on the Tax Increase Prevention Act of 2014 or how these tax breaks apply to you or your business, contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at http://www.uhy-us.com.
Chris Clark, UHY LLP, +1 (586) 843-2637, [email protected]
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