Unless Congress enacts a new “extenders” tax bill in 2014, as many as 55 tax breaks that expired at the end of 2013 will stay off the books for good.
Strategy: Hope for the best and plan for the worst. Although some of these items have been extended in the past, often retroactively, there are no guarantees this time around.
Here are 13 key breaks for individuals and small business owners that expired after 2013.
1.deductions: Previously, your business could deduct up to $500,000 of qualified property placed in service in 2013, subject to a phaseout above $2 million. The maximum deduction plummets to $25,000 for tax years beginning in 2014 with a $200,000 phaseout threshold.
2. Bonus depreciation: In addition to Section 179 deductions, your business could claim a 50% bonus (register to read more)for qualified new (not used) property placed in service in calendar year 2013. Generally, bonus depreciation isn’t av...