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2014 Tax Extenders

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The Green Group
February 19th, 2015

For those that may have missed it, the President signed into law a “tax extender” bill in December that extended a number of existing tax benefits and credits that would have otherwise expired as of 12/31/13.  The law extended them only through the 2014 tax year.  For the 2015 filing year most of these extenders will probably be eliminated.

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. 

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For those that may have missed it, the President signed into law a “tax extender” bill in December that extended a number of existing tax benefits and credits that would have otherwise expired as of 12/31/13.  The law extended them only through the 2014 tax year.  For the 2015 filing year most of these extenders will probably be eliminated.

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.