Here are some more helpful updates from the STERLING FINANCIAL TEAM on some Tax Extensions for 2014. It’s always smart to check your list twice………..
Mileage rates for 2015: 57.5 cents for business use, 23 cents for medical/moving, and 14 cents for charity.
Tax Extenders for 2014 include, but are not limited to the following:
- The deduction for mortgage insurance premiums.
- A provision allowing persons over age 70-1/2 to make tax-free withdrawals from their Individual Retirement Accounts (IRAs) to make charitable contributions.
- Debt Forgiveness exclusion for a personal residence.
- The educator expense deduction-adjustment to income of up to $250 for grade K-12 educators.
- Tuition and fees deduction-adjustment to income up to $4,000.
- Deduction for state and local general sales tax as an itemized deduction (Schedule A) for sales tax in lieu of state income tax.
- Nonbusiness energy property credit-up to $500 maximum lifetime credit for qualified energy efficient home improvements (windows, furnaces, etc.).
- Electric drive vehicle credits-the credit for two-and three-wheeled vehicles has been extended. (The provisions for low-speed electric vehicles expired).
- The credit for plug-in electric drive motor vehicles, such as the Nissan Leaf or Chevy Volt, is still available.
- Energy-efficient appliance credit.
Provisions affecting businesses:
- Bonus Depreciation allowing an additional first year deduction of 50 percent of the cost of new equipment.
- Enhanced Section 179 Expense Limitations allowing for the expense of $500,000 on acquired property for business use.
- New markets tax credit.
- Wage credit for employers of uniformed active duty service personnel.
- Work opportunity tax credit.
- Fifteen-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.
- Enhanced charitable deduction for contributions of food inventory.
- Incentives for biodiesel and renewable diesel.
- Alternative fuels excise credit.