Congress has passed new legislation retroactively extending more than 50 tax breaks that technically expired after 2013. The president was expected to sign the Tax Increase Prevention Act of 2014 into law.
Alert: This tax relief is only temporary. Under the new law, Congress approved the tax extenders retroactive to Jan. 1, 2014, but they technically expire again on Dec. 31, 2014.
In other words, Congress will have to revisit the issue when it reconvenes in 2015.
A dozen tax breaks on the list
Here are 12 tax breaks that may appeal to individuals and small business owners.
1.deductions: The new law restores the maximum Section 179 allowance to $500,000 for qualified property placed in service in 2014, subject to a phaseout above $2 million. Without the extension, the maximum deduction would have plummeted to $25,000 with a $200,000 phaseout threshold.
2. Bonus depreciation: In addition to the enhanced