Income Tax Preparation Services in Scottsdale, AZ: Tax Savings for 2014

TAX SAVINGS 2014

 

By Jeffrey Brooks, CPA, CFP, MBA for JBrooks Wealth Advisors, PC, a Professional CPA and CFP Firm  jeff@jbrookswa.com  602-292-2009  Please consult with your professional tax CPA regarding your specific circumstances!

From NATP National Association of Tax Practitioners. I am a member of this fine organization.

Tax Increase Prevention Act of 2014

H.R. 5771, Tax Increase Prevention Act of 2014, was passed by Congress on December 16, 2014, and awaits enactment by the President. At this time, there has not been official word on when the President will sign the bill. The bill will extend over 50 expiring tax provisions relating to individuals, businesses and the energy sector. Extended individual provisions would include:

  • $250 educator expense deduction.
  • Tuition and fees deduction.
  • Itemized deduction for state and local general sales tax.
  • Itemized deduction for mortgage insurance premiums.
  • Qualified principal residence indebtedness exclusion for debt discharge income.

Extended business provisions would include:

  • Increased dollar limit to $500,000 for §179 expensing.
  • $250,000 qualified real property §179 expense limit.
  • 15-year recovery period for qualified leasehold improvements, qualified restaurant property, and qualified retail improvements.
  • 50% bonus depreciation.

 

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

Certified Public Accountant
Address: 4647 N 32nd Street, Suite B245
Phoenix, Arizona 85018
Phone: 602-292-2009
Email: jeff@jbrookswa.com