On December 19, the President signed into law " the tax increase prevention act of 2014" which extended some 55 popular tax provisions which had expired 12/31/13 to 12/31/14. Businesses can take advantage of bonus depreciation which is available for new fixed assets and the max section 179 depreciation which has increased from $25,000 to $500,000. Individuals can deduct the larger of sales tax or state income tax. Teachers can deduct what they spend on supplies up to $250.
I hope everyone has a very merry Christmas.
No comments:
Post a Comment