Despite rumors of the IRS starting tax season later than the previous years, the IRS has now said it will begin accepting tax returns on January 20, 2015. Congress did indeed seem to drag their feet for quite awhile, knowing many Tax-Extenders had expired at the end of 2013, but thankfully, they finally decided to continue with many of the Tax-Extenders, and the legislation was signed into law on Dec. 19, 2014. Unfortunately, they only extended them through Dec. 31, 2014! It would make more sense for them to set a longer extension, instead of having to revisit this topic at the last minute each year. But, oh the politics!
Some of the popular tax breaks that were extended for 2014 include:
Educator Expense- up to $250
Deduction of PMI (Private Mortgage Insurance)
Deduction of State Sales Tax in lieu of State Income Tax
Mortgage Debt Forgiveness
Tax-Free Distributions from an IRA for Charitable Purposes
Increased Section 179 Expense Limits