On December 18th, the Senate passed the PATH Act and made it official law. \u00a0Many popular tax breaks were set to expire on 12\/31\/2014 unless extended. \u00a0Most of them are now extended and some have been extended permanently. \u00a0What does this mean for you? \u00a0And should you do anything before 12\/31\/15 to take advantage of these new current extender laws?<\/p>\n
Breaks Made Permanent<\/strong><\/span><\/p>\n \u2022 Enhanced Section 179 expense election<\/p>\n \u2022 Depreciation-related breaks for qualified leasehold-improvement, restaurant and retail improvement property<\/p>\n \u2022 Research credit<\/p>\n \u2022 Reduction in S corporation recognition period for built-in gains tax<\/p>\n \u2022 Transit benefit parity<\/p>\n \u2022 Deduction for charitable contributions of food inventory<\/p>\n \u2022 Specials rule for contributions of capital gain real property made for conservation purposes<\/p>\n \u2022 IRA distributions to charity<\/p>\n \u2022 Deduction for certain expenses of elementary and secondary school teachers<\/p>\n \u2022 State and local sales tax deduction<\/p>\n \u2022 Small business stock gains exclusion<\/p>\n \u2022 Enhanced child credit<\/p>\n \u2022 American Opportunity credit<\/p>\n Breaks Extended Through 2019<\/strong><\/span><\/p>\n \u2022 Bonus depreciation<\/p>\n \u2022 Work Opportunity credit<\/p>\n \u2022 New Markets credit<\/p>\n Breaks Extended Through 2016<\/strong><\/span><\/p>\n \u2022 Empowerment Zone tax incentives<\/p>\n \u2022 Mortgage debt forgiveness exclusion<\/p>\n \u2022 Deductibility of mortgage insurance premiums<\/p>\n \u2022 Qualified tuition and related expenses deduction<\/p>\n \u2022 Various energy-efficiency tax credits<\/p>\n <\/p>\n If you think one of these extenders may affect your business or tax picture, give us a call to discuss.<\/p>\n","protected":false},"excerpt":{"rendered":" On December 18th, the Senate passed the PATH Act and made it official law. \u00a0Many popular tax breaks were set to expire on 12\/31\/2014 unless extended. \u00a0Most of them are now extended and some have been extended permanently. \u00a0What does this mean for you? \u00a0And should you do anything before 12\/31\/15 to take advantage of […]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2784","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/comments?post=2784"}],"version-history":[{"count":1,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2784\/revisions"}],"predecessor-version":[{"id":2785,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2784\/revisions\/2785"}],"wp:attachment":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/media?parent=2784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/categories?post=2784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/tags?post=2784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}