Just days before the 2014 tax season draws to a close, new legislation was enacted in D.C. to provide a one-year retroactive extension for over 50 tax benefits and incentives which had expired in 2014. The one-year extension is only applicable from January 1, 2014 through December 31, 2014. Effective January 1, 2015, these tax incentives will disappear unless new legislation is passed. Below is a list of key tax extenders for businesses and individuals that may be relevant to you.
BUSINESS TAX EXTENDERS -
Exclusion of Gain on Qualified Small Business Stock Noncorporate taxpayers who acquire “qualified small business stock” during the 2014 tax year and hold onto such stock for more than five years, can exclude from gross income 100% of any gain realized on the subsequent sale or exchange of such stock. In addition, the gains will not be subject to the alternative minimum tax.
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