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Understanding Your Provisions – Tax Extenders

In previous years, taxpayers have had to wait until the end of the year for a tax extenders bill. However, this year, there has been some talk about a tax extender package – mid-year. Extenders are comprehensive group of tax deductions that have been extended from their expiration in the previous year.

Sen. Hatch and Sen. Ron Wyden announced that the Senate Finance Committee will begin markup on a tax extenders bill tomorrow. They are hoping that the timely opportunity to act on extending expired provisions in the tax code will provide a greater certainty and predictability for the middle class and businesses.

Some of the individual tax provisions in the tax extender bill are:
  • Mortgage debt relief
  • Deduction for state and local general sales taxes
  • Tax-free distributions from individual retirement plan for charitable purposes
  • Special rules for qualified small business stock
  • Incentives for biodiesel and renewable diesel
  • Credit for construction of new energy efficient homes
  • Credit for alternative fuel vehicle refueling property

There will be more information later in the year for additional tax deductions in the bill. Contact Bloch Rothman, the Denver Tax Specialists for personally customized information and advice about your 2015 taxes and deductions.