Will Congress Revive Expired Tax Breaks?

RSSM LLPMany valuable tax breaks expired at the end of 2013. But Congress probably will revive at least some of them, likely retroactively to Jan. 1, 2014. The question is exactly which breaks they’ll extend and when they’ll pass the necessary legislation to do so.

Here are several that may benefit you or your business if extended:

  • The deduction for state and local sales taxes in lieu of state and local income taxes,
  • Tax-free IRA distributions to charities,
  • 100% bonus depreciation,
  • Enhanced Section 179 expensing,
  • Accelerated depreciation for qualified leasehold improvement, restaurant and retail improvement property,
  • The research tax credit,
  • The Work Opportunity tax credit, and
  • Various energy-related tax incentives.

Please check back with us for the latest information. In the meantime, keep in mind that, if you qualify, you can take advantage of these breaks on your 2013 tax return.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s