Tax Extenders Bill for 2015

There are about 50 tax provisions that Congress will consider at the last minute again this year which may affect your 2015 tax return. These include section 179 depreciation which is now capped out at only $25,000, 50% bonus depreciation, state and local sales tax deduction, teacher expense deduction of $250, mortgage insurance premium deduction, energy efficient home improvement tax credit, and the qualified charitable distribution out of your IRA up to $100,000 which counts toward your required minimum distribution. Look for a decision on the bill on Friday, December 18 which is the day Congress leaves on Christmas vacation.