In the recently enacted Tax Increase Prevention Act of 2014, Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as extenders. The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. Congress has repeatedly temporarily extended the tax breaks for short periods of time (e.g., one or two years), which is why they are referred to as extenders. The new legislation generally extends the tax breaks retroactively, most of which expired at the end of 2013, for one year through 2014. If you would like more details about these changes or any other aspect of the new law, please do not hesitate to call.
Posted on: Wed, 17 Dec 2014 20:59:25 +0000