It’s finally official—President Barack Obama signed H.R. 5771, The Tax Increase Prevention Act today. While businesses are celebrating the one-year extension of the research and development credit and bonus depreciation, individual taxpayers have cause to celebrate too. That’s because the list of 50-plus tax extenders means money in your pocket come tax day next April.
There’s tax relief for teachers, commuters, home renovators who go green, and folks who live in no-income-tax states. They’ll all see the breaks on their 2014 tax returns—the filing season is just around the corner. The one-year extension of the laws, which expired on December 31, 2013, is good through December 31, 2014. That spells uncertainty come January 1 (good luck estimating your 2015 taxes).
These are the major individual tax extenders—now good law only through Dec. 31, 2014 (it bears repeating):
The deduction for state and local sales taxes. The option to deduct state and local sales taxes instead of deducting state and local income taxes is is huge for those who live in no-income tax states like Florida and Texas.
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