{"id":2052,"date":"2014-12-22T09:40:16","date_gmt":"2014-12-22T14:40:16","guid":{"rendered":"http:\/\/gtm.com\/business\/?p=2052"},"modified":"2021-03-27T16:06:52","modified_gmt":"2021-03-27T20:06:52","slug":"tax-relief-for-businesses","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/tax-relief-for-businesses\/","title":{"rendered":"Tax Relief for Businesses"},"content":{"rendered":"<p><em><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-2053\" alt=\"tax relief for businesses\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/TaxRelief_Image-300x188.jpg\" width=\"300\" height=\"188\" \/>Congress Provides 2014 Tax Relief for Businesses<\/strong><\/em><\/p>\n<p><span style=\"font-family: Arial; font-size: small;\">On December 16, 2014, the Senate passed the <a href=\"http:\/\/www.accountingtoday.com\/news\/government-news\/passage-of-tax-extenders-contains-key-tax-breaks-73053-1.html\" target=\"_blank\" rel=\"noopener\"><em>Tax Increase Prevention Act of 2014<\/em><\/a> (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.<\/p>\n<p>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&#8217;s a brief summary of the extended breaks that may be most likely to benefit your business.<\/span><\/p>\n<p><span style=\"font-family: Arial; font-size: small;\"><strong>Business Tax Breaks<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-family: arial; font-size: small;\">50% bonus depreciation <\/span><\/li>\n<li><span style=\"font-family: arial; font-size: small;\">Enhanced <a href=\"https:\/\/www.irs.gov\/publications\/p946\/ch02.html\" target=\"_blank\" rel=\"noopener\">Section 179<\/a> expensing<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: small;\">Accelerated depreciation for qualified leasehold improvement, restaurant and retail-improvement property<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: small;\">Transit benefit parity<\/span><\/li>\n<li><span style=\"font-family: arial; font-size: small;\">The <a href=\"https:\/\/www.irs.gov\/Businesses\/Research-Credit\" target=\"_blank\" rel=\"noopener\">research credit<\/a><\/span><\/li>\n<li><span style=\"font-family: arial; font-size: small;\">The <a href=\"https:\/\/www.irs.gov\/Businesses\/Small-Businesses-&amp;-Self-Employed\/Work-Opportunity-Tax-Credit-1\" target=\"_blank\" rel=\"noopener\">Work Opportunity credit <\/a><\/span><\/li>\n<li><span style=\"font-family: arial; font-size: small;\">Certain energy-related breaks<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000; font-family: Arial; font-size: small;\"><strong><br \/>\nYou May Have to Act Quickly<\/strong><\/span><\/p>\n<p><span style=\"font-family: arial; font-size: small;\"><span style=\"font-family: Arial;\">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 <a href=\"\/business\/contact-gtm\/\" target=\"_blank\" rel=\"noopener\">GTM Payroll Services<\/a> to help determine how you can make the most of the tax relief provided in the new law.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h6>\u00a92014 Thompson Reuters<\/h6>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[11,26,10,23],"post_folder":[],"class_list":["post-2052","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved","tag-business-payroll","tag-irs","tag-small-business","tag-taxes"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/2052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=2052"}],"version-history":[{"count":1,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/2052\/revisions"}],"predecessor-version":[{"id":9504,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/2052\/revisions\/9504"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=2052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=2052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=2052"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=2052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}