Congress’s long-awaited passage of tax extenders legislation provides a short-term extension through only the end of this year of dozens of familiar tax breaks for businesses and individuals, along with a new savings program for the disabled.
On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. The act extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. Several of these provisions can produce significant savings for taxpayers on their 2014 income tax returns, but quick action (before Jan. 1, 2015) may be needed to take advantage of some of them.
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