Dec 31, 2014

Tax timeThe president signed a one-year extension of more than 50 expired tax breaks. Some of the extended provisions include:

For Individuals: • Deductions for certain expenses of eligible school teachers • Deductions for state and local general sales taxes • Deduction of qualified tuition and related expenses • Tax-free charitable contributions from IRAs

For Businesses: • Research and development credit • Section 179 – enhanced expensing deductions • First year bonus depreciation • Work opportunity tax credit • Reduced recognition period for the built-in gains of S-corporations

The reinstatement of more than 50 expired tax breaks is a positive thing for 2014 for individual and business taxpayers. Please refer to a recent William Vaughan Company blog for last minute actions to further reduce 2014’s tax liability.

Contact your William Vaughan Company professional for additional information on the specific provisions that could benefit you.

Categories: Healthcare & Dentistry