Federal Tax Provisions Not Applicable for 2014 Tax Returns

This is a reminder that a number of tax provisions expired at the end of 2013.

Looking ahead to next year’s filing season, everyone will need to keep an eye out on what Congress does with regard to these expired tax provisions.

Below is a list of the most used provisions that have either expired or have significantly changed for Tax Year 2014.

Provisions no longer applicable for Tax Year 2014 returns:

• $250 Educator Expense Deduction - Form 1040, line 23
• Tuition and Fees Deduction - Form 8917
• Itemized Deduction for Sales Tax
• 50% Bonus Depreciation
• Read more

Also note that the following Section 179 Expense provisions have been reduced as follows:

• Maximum Section 179 Deduction amount: $25,000
• Maximum Cost before Section 179: $200,000
• Read more

Click here to read the entire CrossLink Tax Update that includes further information on federal tax provisions that are not applicable for 2014 tax returns.