What Do Last Minute Tax Deductions Mean For You?

There’s good news for taxpayers: A number of popular tax provisions that expired at the end of 2013 have been extended into 2014, thanks to a new tax law passed by Congress in December. That means qualified individuals will be able to claim deductions for the state and local sales taxes and some higher education costs and exclude from income any mortgage debt cancellation for 2014. Businesses will benefit from one more year of bonus depreciation and Section 179 expensing and from a research tax credit for some qualified expenses.

These are just a few examples of the provisions extended by the Tax Increase Prevention Act of 2014. If you’d like more information, or if you’re concerned that you may miss out on some these last-minute extenders, be sure to call our office today. We can help you claim all the proper credits and deductions and offer advice on minimizing your taxes going forward. Keep in mind, too, that the yearend legislation has had no effect on the Internal Revenue Service’s schedule. As a result, we’re ready to get started today on all your tax planning needs.

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