Posted by: Gary M. Sigman, CPA, MTax, PFS, AEP®
With the Senate approving the House version of H.R. 5771, Congress has just extended a package of expired or expiring individual and business provisions known as "tax extenders." The bill has been sent to the President for signature, who is expected to approve the measure.
The tax extenders include dozens of individual and business tax deductions and credits, many of which have been in existence for years, but, since they have a specific termination date, they were considered to be temporary in nature. Congress has repeatedly extended these tax deductions and credits on a temporary basis for one or two years at a time, which is why they are referred to as "extenders."
This new legislation generally extends the tax breaks retroactively to January 1, 2014, for one year, through the end of 2014.
Download the summary of the key tax deductions and credits that were just extended here.
If you have questions on this, or any other tax or business related issue, please contact the experts at Zinner & Co.
