Reinstatement of 2013 Tax Law

2014 reinstated tax laws that expired 12/31/13 for individuals

Tax incentives for individuals that are extended through 2014 include: The deduction for certain expenses of elementary and secondary school teachers; The above-the-line deduction for qualified tuition and related expenses; The treatment of mortgage insurance premiums as qualified residence interest; The exclusion from gross income of discharge of qualified principal residence indebtedness; The provision providing parity between employer-provided mass transit and parking benefits; The deduction for state and local general sales taxes; The special rule for contributions of capital gain real property made for conservation purposes; The provision allowing tax-free distributions from individual retirement plans for charitable purposes.

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