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.
- Increase in expensing to $500,000 / $2,000,000 and expanded definition of Section 179 property.
- 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.
Wed, May 7, 2014