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New, Changed and Expired Provisions Affect 2014

The following tax items are among a number of provisions that have expired and are not available for 2014, unless Congress acts to retroactively revive and extend them:

  • Credit for non-business energy property.

  • New energy efficient home credit.

  • Energy efficient appliance credit.

  • Employer wage differential for active duty members of the uniformed services.

  • Work opportunity credit.

  • Increase in expensing to $500,000 / $2,000,000 and expanded definition of Section 179 property.

  • Bonus depreciation.

  • Deduction of expenses for schoolteachers.

  • Deduction for mortgage insurance premiums.

  • Deduction for state and local sales taxes instead of state and local income taxes.

  • Tuition and fees deduction.

  • Tax-free distribution from retirement accounts for charitable purposes.

  • Exclusion of discharge of principal residence debt from gross income.