Congress finally did something!

With just days before the end of the year, Congress finally passed a bill extending over 55 tax breaks for individuals and businesses. The key items that were extended until 12/31/14 are:

  • Teacher’s Credit ($250) – above the line deduction for teaching supplies
  • Ability to exclude personal residence Cancellation of Debt Income (for foreclosures and short sales)
  • Mortgage Insurance premiums (aka PMI) are deductible as mortgage interest
  • Sales Tax is deductible (important for people in states without state income tax)
  • Tuition Deduction
  • Charitable contributions can count as RMDs from your IRA
  • Multiple beneficial depreciation rules and limits
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