The president signed into law the Tax Increase Prevention Act of 2014 which has extended several important tax provisions through December 31, 2014, which had originally expired in 2013. Here are a few key provisions which are back for the year:
* State and local sales tax deduction
* Teachers’ classroom expense deduction
* Charitable distributions from IRAs
* Bonus depreciation
* Code section 179 expensing up to $500,000
Click the following link for a great summary regarding these and many more provisions which have been extended.