LOOK AT TAXES

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Archived Blog

2014 Tax Extenders Bill Has Been Signed

On Friday December 19, 2014 the President signed the Tax Extender Bill. With the Extenders individual taxpayers would still be able to claim on their 2014 returns such items as:
  • itemized deduction for state and local sales taxes
  • above-the line deduction for higher education tuition and fees
  • deduction for up to $250 in educator out of pocket expenses
  • itemized deduction for private mortgage insurance (PMI) premiums
  • energy-efficient home improvement tax credit
  • extra first-year depreciation for 50% of qualified property
Also taxpayers who lost their homes to foreclosure or short sale also don't have to worry about counting any of those transactions forgiven debt as income. Commuters who take public transit will see their tax-free employer-provided benefit for such travel remain. And IRA owners age 70 can roll their required minimum distribution for 2014, due by Dec. 31, directly to a qualified charity. A small number of items did not get included and expired. They include:
  • Health care tax credit for displaced workers
  • Section 30D plug-in electrical vehicle credit
  • Partial expense of refinery equipment
  • Section 45M energy-efficient appliance credit
  • New York Liberty Zone tax-exempt bond financing

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