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December 2014 Archives

Tax Extenders for 2014

On January 1, 2014 about 50 tax-reducing provisions expired. Tax extender bills to reinstate these provisions for 2014 have been sitting in Congress all year. On December 16, 2014, Congress finally passed the tax extenders bill. Here we are in December, and Congress has now acted to extend the expired provisions for one more year, that is through 2014, so you will be able to use them on your 2014 tax return.
They are not extended for 2015. That will take action from Congress again, if it happens.

Do You Have Enough Deductions to Itemize? Part I

For the past two weeks we've focused on medical expenses, especially for senior taxpayers, that are deductible and may well make a better tax result for those seniors to itemize their deductions instead of taking the standard deduction. Many senior taxpayers claim the standard deduction on their annual income tax return instead of itemizing deductions. If they have significant medical expenses, they should consider itemizing.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

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