Congress "Acts" on Tax Extenders Providing Sought Relief

Alleviating some of the uncertainty about many tax breaks and benefits that expired in December of 2013, Congress recently passed the Tax Increase Prevention Act of 2014. The Act provides sought relief for both individuals and businesses by extending certain "tax extenders" retroactively throughout 2014.

The package is a retroactive extension of certain breaks that will affect tax filings for the 2014 calendar year, of which many taxpayers will begin reaping the benefits when tax season begins in January. For individuals, the bill offers valuable credits and deductions in areas like state and local taxes, higher education and mortgage debt while for businesses, some of the extenders include benefits for research, energy conservation and non-residential leasehold improvements.

While a temporary fix to what some believe is a broken tax system, the Act provides additional clarity to individuals and businesses regarding planning and finances.

To review a list of the extenders, click here.

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