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Congress Provides 2014 Tax Relief for Businesses
On December 16, 2014, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House passed on December 3. The act extends through December 31, 2014, certain tax relief provisions that expired at the end of 2013.
Several of these provisions can produce significant savings for taxpayers on their 2014 income tax returns, but action before January 1, 2015 may be needed to take advantage of some of them. Here’s a brief summary of the extended breaks that may be most likely to benefit your business.
Business Tax Breaks
- 50% bonus depreciation
- Enhanced Section 179 expensing
- Accelerated depreciation for qualified leasehold improvement, restaurant and retail-improvement property
- Transit benefit parity
- The research credit
- The Work Opportunity credit
- Certain energy-related breaks
You May Have to Act Quickly
Since these tax breaks generally are extended only through the end of this year, you may need to act quickly to benefit from them. If you would like more information, contact your tax adviser or GTM Payroll Services to help determine how you can make the most of the tax relief provided in the new law.
