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Popular Tax Breaks Extended for 2014

On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. President Obama has indicated that he will sign the bill as soon as it reaches his desk. TIPA is the latest “extender” package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. It was drafted after the collapse of negotiations over a bill that would have made some of the provisions permanent, while extending others for two years. Continue reading

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Tax Breaks When Caring For a Parent

Vincent Mazzone, Senior Accountant Providing care for a parent, grandparent or other older relatives can be rewarding. But it can also be expensive. Fortunately, some federal tax breaks can help ease the financial strain. Claiming a parent as a dependent … Continue reading

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Tax Bites: Owners of leasehold, restaurant and retail properties must act soon

In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying leasehold improvements made in 2013. Section 179 expensing. Congress revived … Continue reading

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