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Last December, Congress extended certain tax provisions retroactively from January 1, 2014 through December 31, 2014. We don’t know if the late December activity will happen again. As a reminder, the following provisions expired December 31, 2014:

Credits for

  • Nonbusiness energy property
  • Construction of new energy efficient homes
  • Alternative motor vehicle credit
  • Research and experimentation expenses
  • Indian Coal and Indian Employment
  • Work Opportunity

Deductions of

  • School teacher expenses
  • Premiums for mortgage insurance
  • State and local sales taxes
  • Tuition expenses

Exclusions from income

  • Discharge of residential mortgage
  • Distribution from IRA to charity

Accelerated depreciation provisions for

  • Qualified leasehold improvements
  • Property on Indian reservations
  • 50% bonus depreciation
  • Higher Section 179 limits
  • Energy efficient buildings

Business decisions should not be made to generate a tax benefit. But the tax effect can influence the decision process. We wanted to remind you the extension of 2013 benefits was very temporary. Legislation has not been passed to further extend the due date. We are available to assist you with personal and business planning with the current tax law.

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