Home / Articles / Will the lame-duck Congress revive expired tax breaks for 2014?

Will the lame-duck Congress revive expired tax breaks for 2014?

November 11, 2014

Share:

With the midterm elections now behind us and control of the U.S. Senate set to shift parties in January, it’s time to revisit the valuable tax breaks that expired at the end of 2013. Will the lame-duck 113th Congress revive any of them for 2014? Or will nothing happen until the 114th Congress goes into session after the new year begins?

Here are some of the breaks in question:

  • The deduction for state and local sales taxes in lieu of state and localincome taxes,
  • Tax-free IRA distributions to charities,
  • 100% bonus depreciation,
  • Enhanced Section 179 expensing,
  • Accelerated depreciation for qualified leasehold improvement, restaurant and retail improvement property,
  • The research tax credit,
  • The Work Opportunity tax credit, and
  • Various energy-related tax incentives.

For you to benefit on your 2014 tax return from any breaks that are revived, you might need to take additional action by Dec. 31. So it’s a good idea to consider what you’d need to do so you can act quickly if applicable breaks are indeed revived. If you have questions about what you can do to prepare, please contact us.

© 2014

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

Guidance

Related Articles

Article

2 Min Read

Clark Schaefer Hackett Names Kyle Shumate as Chief Marketing Officer

Article

2 Min Read

How the Inflation Reduction Act Is Extending and Expanding Solar Energy Tax Incentives

Article

2 Min Read

Year-End Tax Planning: Act Now to Reduce Your 2022 Tax Bill

Article

2 Min Read

Is Your Business Tracking R&E Expenses in Preparation for New Section 174 Amortization Rules?

Article

2 Min Read

The Inflation Reduction Act Extends Energy Efficiency Building Incentives

Article

2 Min Read

Inflation Reduction Act Expands Valuable R&D Payroll Tax Credit

Get in Touch.

What service are you looking for? We'll match you with an experienced advisor, who will help you find an effective and sustainable solution.
  • Hidden
  • This field is for validation purposes and should be left unchanged.