Tax Trends: Update on Current Tax Legislation and Planning ...
Year End Tax Legislation - How Will This Affect You?
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Transcript of Year End Tax Legislation - How Will This Affect You?
![Page 1: Year End Tax Legislation - How Will This Affect You?](https://reader030.fdocuments.us/reader030/viewer/2022032422/55a98e2c1a28ab13048b4880/html5/thumbnails/1.jpg)
Year End Year End Tax Legislation: Tax Legislation: How Will This How Will This
Affect You?Affect You?
January 2015 Webinar
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![Page 3: Year End Tax Legislation - How Will This Affect You?](https://reader030.fdocuments.us/reader030/viewer/2022032422/55a98e2c1a28ab13048b4880/html5/thumbnails/3.jpg)
01/22/
15
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THE EFFECTS OF 2014 TAX LEGISLATION
Presented by:Daniel Matarrese, CPA, Senior Tax Manager
David Riley, CPA, Tax ManagerRyan Rutt, CPA, Tax Manager
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DECEMBER LEGISLATION
• Passed into law December 19th
• Extends many popular provisions into 2014
• Most expired December 31, 2014
• Uncertainty for 2015
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HIGHLIGHTS
• 50% Bonus Depreciation on eligible assets• Section 179 Expansion • $500,000 maximum deduction• Phases out beginning at $2 million of expenditures
• Qualified Leasehold/Retail Improvements• Research (R&D) Credit• WOTC Credits
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2014 IMPACTS OF AFFORDABLE CARE ACT
• Medicare Surcharge
• Personal Penalty Begins• Check box on line 61 if fully insured
• Small Business Health Care Tax Credit
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FINAL THOUGHTS
• Home Mortgage Forgiveness of Debt Exclusion
• 2015 and Beyond – Tax Reform?
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01/22/15
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01/22/
15