Tax Breaks Expired
As you may or may not recall, many tax breaks that applied to 2014 were extended at the 11th hour by Congress late last year. These tax breaks that were scheduled to expire were commonly referred to as the “tax extenders” legislation. If the late legislation did not give you your fill of anxiety, you’re in luck. Many of the same breaks expired January 1, 2015. So here we are again almost halfway through the year not knowing if many of the popular provisions will be extended for 2015.
The most significant breaks that have expired on December 31, 2014 include; charitable donations from IRA’s for taxpayers over 70 1/2, bonus depreciation, enhanced Sec. 179 deduction, mortgage insurance premiums deduction, state and local sales tax deduction, and the residential energy property tax credit.
House Ways and Means Chairman Paul Ryan, R-Wisc, said on April 30 that extender legislation should be complete by the end of summer. Time is ticking….