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December 17, 2014

 
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Hi There,

The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on December 3, and it now goes to President Barack Obama who is expected to sign it into law this week.

Among the highlights of the bill: The research and development (R&D) credit, first-year bonus depreciation, and the increased Sec. 179 expensing limits are all extended.

The bill, H.R. 5771, known as the Tax Increase Prevention Act of 2014, temporarily extends a host of expired individual, business, and energy tax breaks, as well as certain provisions relating to multiemployer defined benefit plans. The bill also makes some technical corrections to prior legislation. It is only applicable to the 2014 tax year and expires on December 31, 2014. 

For a complete list of tax incentives that are extended through 2014 click here.

 

Source: Journal of Accountancy


 
 
 
 
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Online Tax Planning Guide

Tax planning is more complicated yet more important than ever. To save the most, you need to understand how recent tax legislation affects you and take advantage of every tax break you're entitled to. This is exactly what our online Tax Planning Guide is designed to help you do.

As you look through the guide, please note the strategies and tax law provisions that apply to your situation or that you wold like to know more about. Then, call your Frazer LLP tax advisor - or click the button below - with any questions you may have about these or other tax matters or to schedule a time to talk about ways to lighten your tax burden and better achieve your financial objectives.


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