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.

May 7, 2014 12:00 am