Today we have an update in regards to some end of year-end tax legislation.
The House has passed a bill that would extend 55 different provisions that expired at the end of 2013 through the end of 2014. This includes the $500,000 Section 179 limit, 50% bonus depreciation and individual provisions like the exclusion for IRA donations for charity and the deduction for educator expenses.
The Senate has not indicated when or if they will vote on this bill. Hopefully it will be sooner rather than later so we can have a little time for planning before year-end.
We will continue to watch the progress of this bill and will release a special edition as soon as something is passed.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein