Temporary Tax Breaks Extended for 2014

After much anticipation, last week Congress approved and President Obama signed into law the Tax Increase Prevention Act of 2014 (HR 5771) (“The Act”). The new law extends so-called “tax extenders” retroactively for one year through 2014. This one-year retroactive extension allows taxpayers to claim many popular tax incentives that expired on December 31, 2013, on their 2014 tax returns filed in 2015. Highlighted below are some of the individual and business tax provisions that should be of interest to high-income taxpayers and business owners.

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