Here are the highlights of what was extended for businesses for the 2014 tax year:
- Section 179 depreciation limits of $500,000 were extended through 2014 ONLY – think about purchasing new equipment prior to December 31
- 50% Bonus depreciation was extended for 2014
- Work Opportunity Tax Credit – up to a $9,600 credit per qualifying employee hired
- Research and experimentation credits
There are many more but most of them are specialized. Please contact me for more information on what your business might benefit from before it is too late.