“TAX INCREASE PREVENTION ACT OF 2014”
H.R. 5771 would extend, for one year (generally through the end of 2014), a number of tax relief provisions that expired either at the end of calendar year 2013 or during 2014, thus preventing tax increases on millions of families and businesses as the tax year 2014 filing season begins early next year. By enacting H.R. 5771, Congress can continue to pursue its efforts to make certain expiring tax provisions permanent to provide certainty and stability to families and businesses, without causing disruption for taxpayers trying to file their 2014 tax returns. In addition, H.R. 5771 corrects numerous technical and clerical errors in the tax code, as well as eliminating many superfluous provisions (known as “deadwood”) that no longer serve any purpose.
Overall, the Joint Committee on Taxation (JCT) estimates that the legislation would reduce revenues by $44.7 billion over the ten-year budget window (fiscal years 2015 through 2024).
What does that mean?
The bill, which will retroactively extend a package of expired tax breaks for 2013 and 2014, will prevent tax hikes for millions of individuals and businesses. In other words families and businesses may be eligible to take advantage of several extensions and/or credits this tax season.
Are you eligible?
MainStreet has always been dedicated to providing our clients with all the resources available in order to get them the most out of their taxes. In this case, making sure that our clients take advantage of any and all tax extensions or credits they may be eligible for. To find out if you qualify for any of these extensions and/or credits you can contact any of the MainStreet Tax & Accounting branches or download a copy of the Tax Extenders Bill that we provide for free.