Garber & Garber CPAs, PA | Boca Raton Small Business Accountants

Garber & Garber CPAs, PA | Boca Raton Small Business Accounting

Certified Public Accountants

Late Announced Tax Breaks for 2014

images2.jpg

Tax rules for 2014 have been finalized. Tax breaks that expired after 2013 were extended for 2014.

The following key tax breaks are still available for 2014:

  • Itemized deduction for state sales tax in lieu of income tax
  • Above the line deduction up to $250 for educators' classroom supplies
  • Exclusion up to $2 million of forgiven debt on primary residence
  • Taxpayers of age 70 1/2 and older can make charitable distributions from IRAs up to $100,000
  • Businesses can claim 50% bonus depreciation
  • Businesses can expense up to $500,000 of assets placed in service in 2014

 

UncategorizedScott Garber