Congress Passes the Tax Extenders Bill just in time for Christmas!
Congress did it. Over 50 tax provisions expired at the end of 2014, including accelerated depreciation provisions, child tax credits and earned income credit allowances. And for the past 11.5 months we’ve been in limbo as Congress circled the tax mountain looking for a way of making their way up. This week they finally succeeded and passed the extenders legislation which included provisions to extend virtually every expiring provision for another year. And in some cases, like with the child tax credit, the earned income credit and the Section 179 Accelerated Depreciation limits, the extensions were made permanent.
The IRS also received a modest $250 million+ increase in funding which is to specifically be used to improve customer service and privacy measures.
There were also significant modifications to the provisions regulating REITS and other investment vehicles which will likely impact the large taxpayer. But the key provisions for the every-day taxpayer were pretty much favorably resolved. So in a year full of blunders and missteps from our glorious government, this was a welcome splash of positive.
As tax season is now upon us, contact our office to schedule your free tax consultation. The professionals at Nielsen Law Group can assist with creating a tax strategy and preparing and/or amending your returns. Call (480) 888-7111 or submit a web request here.