The us senate passed a $42 billion package of tax incentives, reviving dozens of lapsed breakes for 2014 and setting them to expire in two weeks.
The bill was sent to the President, where we await his signature. Tax professionals hopefully will be able to pass on this good news to those that would have been impacted on the 2014 tax return. Some of the many items extended are the $250.00 adjustment to income for teachers, IRA charity donations to non profit organizations, certain situations where individuals sold homes in short sales, etc,
Contact John Cahill at Performing Financial services for more information.
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