tax break extensions for 2014

[LoveTrains]

I don't think we have discussed these yet. Obama signed into legislation some nice tax break extensions for 2014. Unfortunately some of these are only one year extensions (instead of permanent,IMO).


www.forbes.com/sites/ashleaebeling/2014/12/19/obama-signs-2014-tax-extenders-money-in-your-pocket/


Among the winners:

1. IRA charitable gift roll overs (up to $100K)

2. Commuter tax benefits - parity for parking & transit (increases mass transit benefit to $250 from $130)

3. Folks in no income tax states can deduct state sales tax

4. $4K higher education tuition deduction (above the line)

5. $250 deduction for teachers for supplies 

[v]

The commuter thing is nice. The transit benefit was way too low to cover many people's mass transit commuting costs, and it makes no sense to give parking your gas-guzzling, traffic causing car an advantage over taking public transportation to work.

[LoveTrains]

The IRA gift thing is fabulous for people that have to take minimum withdrawls each year. I know my industry is lobbying to make that one permanent but it is kind of a give away to the wealthy.