Playbook Logo

Client Login

Click to toggle search bar

2014 Tax Extenders

Our Latest Insights

The Green Group
February 9th, 2015

In December 2014, Congress passed a tax extender bill that was then signed by the President, which extended tax write-off provisions for tax filing year 2014.  Previous to this Bill, these provisions were scheduled to expire on 12/31/13.  

Some of the extensions that were restored which may benefit you include:

  • IRC §179 expensing of business purchased equipment and/or software from $25,000 to the previous $500,000 value and raising the purchase amount limit from $200,000 to $2,000,000.

 

  • Current bonus depreciation limits.

 

  • Special rule for contributions of capital gain real property made for conservation purposes (easements).

 

  • Research and development credit of 20% of R&D expenditures.

 

  • Renewable energy credits for businesses.

 

  • Exclusion of mortgage debt cancellation or forgiveness for homeowner’s primary residence.

 

  • Higher education tuition and fees tax deduction for adjusted gross income below $80,000.

 

  • Deduction of state and local sales taxes for individuals in states with no income tax.

 

  • Teacher credit of $250 for books and supplies above the line deduction.

 

  • Tax free distributions from individual retirement plans to charities.

 

  • Enhanced deduction for contribution of food inventory to charity.

 

  • Continuation of public transit tax-free accounts for employers.

 

  • Allows exception to taxing certain offshore businesses if the businesses generate the income through financing.

 

  • A work opportunity tax credit encouraging the hiring of welfare recipients.

 

  • 15 year cost recovery for retail, restaurants and leaseholds.

 

  • Qualified small business stock exclusion of 100%.

 

  • Deduction for mortgage insurance.

 

  • Tax credit for differential wage payments to active military.

 

  • Basis adjustment rule for stock of an S-corporation making charitable contributions of property.

 

  • Reduction in the recognition period for the built-in gains of S-corporations.

 

We will continue to monitor the situation and keep you up-to-date on any additional tax changes in Congress. 

Share This:

Related Insights

Please be alert of the following criminal activity surrounding phony IRS calls that direct you to IRS.gov.  

Clare Bork
4/24/18
Its that time of the year again to ensure you are taking full advantage of your tax deductions.  
Clare Bork
3/30/18
Taxonomy: 

In December 2014, Congress passed a tax extender bill that was then signed by the President, which extended tax write-off provisions for tax filing year 2014.  Previous to this Bill, these provisions were scheduled to expire on 12/31/13.  

Some of the extensions that were restored which may benefit you include:

  • IRC §179 expensing of business purchased equipment and/or software from $25,000 to the previous $500,000 value and raising the purchase amount limit from $200,000 to $2,000,000.

 

  • Current bonus depreciation limits.

 

  • Special rule for contributions of capital gain real property made for conservation purposes (easements).

 

  • Research and development credit of 20% of R&D expenditures.

 

  • Renewable energy credits for businesses.

 

  • Exclusion of mortgage debt cancellation or forgiveness for homeowner’s primary residence.

 

  • Higher education tuition and fees tax deduction for adjusted gross income below $80,000.

 

  • Deduction of state and local sales taxes for individuals in states with no income tax.

 

  • Teacher credit of $250 for books and supplies above the line deduction.

 

  • Tax free distributions from individual retirement plans to charities.

 

  • Enhanced deduction for contribution of food inventory to charity.

 

  • Continuation of public transit tax-free accounts for employers.

 

  • Allows exception to taxing certain offshore businesses if the businesses generate the income through financing.

 

  • A work opportunity tax credit encouraging the hiring of welfare recipients.

 

  • 15 year cost recovery for retail, restaurants and leaseholds.

 

  • Qualified small business stock exclusion of 100%.

 

  • Deduction for mortgage insurance.

 

  • Tax credit for differential wage payments to active military.

 

  • Basis adjustment rule for stock of an S-corporation making charitable contributions of property.

 

  • Reduction in the recognition period for the built-in gains of S-corporations.

 

We will continue to monitor the situation and keep you up-to-date on any additional tax changes in Congress.