On December 16, 2014, Congress passed the Tax Increase Prevention Act of 2014. This bill is currently waiting for the President to sign. Approximately 50 tax provisions will be extended if President Obama signs. Some of these provisions entail the $250 educator expense deduction, tuition and fees deduction, itemized deduction for mortgage insurance premiums, as well as state and local general sales tax. Additionally, section 179 expensing will increase to $500,000. The extended business provisions also include the 50% bonus depreciation. It is not known when the President plans to sign the bill.
AllRight Consulting & Tax, LLC