Breaking News - December 2014 

President Obama signed the "Tax Increase Prevention Act of 2014" into law on Friday. The tax bill retroactively extends more than 50 different expired tax provisions for the 2014 tax year. Many of these "tax extenders" will provide you tax relief this filing season.

Some of the most relevant extenders include:

• Section 179 expensing up to $500,000 ($2 million investment limit)
• 50% bonus depreciation
• State and local sales tax deduction
• Higher education deduction
• Teacher's $250 classroom expense deduction
• Discharge of qualified principal residence indebtedness
• Mortgage insurance premium deduction
• Charitable distributions from IRAs
• Work Opportunity Credit
• Research and development credit

For more information on the Act see this special CCH Tax Briefing or contact our office. 

Sincerely yours,