Congress Passes Tax Extenders

congressCongress passes tax extenders package and cuts IRS budget

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Congress has approved the Tax Increase Prevention Act of 2014 (TIPA). The new law extends the so-called “tax extenders” retroactively for one year (through 2014).¬† Highlights for business owners include setting the Code Sec. 179 dollar limit at $500,000 and extending the 50% bonus depreciation rules for 2014. Click here to read in more detail about the tax extenders that may affect you and your business.

Again these tax extenders are set to expire¬†December 31, 2014, without a sign from Congress for how they will be handled in 2015.¬† If you want to know what this means to you or your business, please don’t hesitate to contact us as we’re always here to help.

Call us to learn how your taxes will be affected.

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