On December 16, 2014, the Senate passed the Tax Increase Prevention Act of 2014 and the President is expected to sign this bill into law. The effect of the new law would be to extend some tax deductions to allow taxpayers to:
- Deduct state and local income taxes or general sales taxes as itemized deductions; and
- Deduct qualified education expenses paid by eligible students through the tuition and fees deduction; and
- Depreciate the cost of property placed in service during the year using the Section 179 expense.
If you have no idea what any of this means and it seems too complicated or overwhelming for you, don’t worry. Our office is always here to help you with your tax matters. If you would like some tax assistance, feel free to contact our office at 816-524-4949.