Tax Changes in New Budget Bill

Looks like there have been some tax bill extenders in the budget bill.  No surprise there.  Hopefully it will not cause a delay in the tax season.

The $250 front page credit for teacher work expenses has been retained for 2014.

The tuition and fees front page deduction has been retained as well.

For 2014 it will still be possible to deduct state and local sales taxes on Sch A if that was helpful in individual situations.

Depreciation deductions have changed for businesses, but many will find them more generous.  Most businesses will have to file Form 3115, change in accounting method, this year because of changes in regulations.  Your preparer will need more time or you will need to do more homework!

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