Tax Extenders

The House has passed a package of 55 tax breaks for businesses and individuals that had expired on 12/31/13. The tax breaks will be effective for 1 year through 12/31/14 only but may be extended for future years at the end of next year. The Senate will likely vote on the package this week and then it will go to Obama who could veto it. The package includes such popular provisions as bonus depreciation, increased section 179 expensing for fixed asset additions, and sales tax deductions. Stay tuned.