Key Tax Incentives Restored for 2014

Congress approved a tax extenders bill which restores many key tax breaks for 2014. Included in the tax legislation is an extension of the $500,000 Section 179 annual limit and the continuation of 50% bonus depreciation for 2014.

Congress approved a tax extenders bill which restores many key tax breaks for 2014. Included in the tax legislation is an extension of the $500,000 Section 179 annual limit and the continuation of 50% bonus depreciation for 2014. Without action by Congress, the Section 179 limit was set to go back to $25,000 for 2014 and bonus depreciation would have expired.

For more on the 2014 tax extenders package (officially called the Tax Increase Prevention Act of 2014), see the What's New in Business Taxes? section of the Nolo website.