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Extended Individual Provisions Applicable for Tax Year 2014 Only


The following individual provisions have been extended for one year and are now applicable for 2014 federal returns:

  • Educator Expense Deduction – Form 1040, line 23
  • Tuition and Fees Deduction - Form 8917
  • Itemized Deduction for Sales Tax – Schedule A, line 5
  • Mortgage Insurance Premiums continue to be deductible as qualified residence interest
  • Exclusion of gain from income of foreclosed home mortgage debt (Form 982, line 1e)
  • Increased Section 179 Expense Deduction Amounts
    • Maximum Deduction: $500,000
    • Maximum cost before the limit is reduced: $2,000,000
  • Qualified Real Property category for Section 179 Expense Deduction
    • Maximum deduction: $250,000
    • Qualified property includes: leasehold improvements, restaurant property, and retail property
  • 50% bonus depreciation on qualifying property
  • Tax-free distributions from IRAs for charitable purposes
  • Nonbusiness Energy Property Credit – Form 5695, Part I
  • Contributions of capital gain real property made for conservation purposes (50% limitation applies instead of 30% limitation)

Recent Tax Updates

Last Round of ITINs will expire at end of 2020
September 15, 2020

Update on IRS Efforts to Fight Tax Identity Theft
August 12, 2020

Reminder: Filing Deadline is July 15
July 7, 2020

Reminders of Filing Deadlines for 2019 Returns and 2020 2nd Estimated Payment
June 8, 2020

SECURE Act Retirement Account Changes
June 2, 2020

CARES Act Tax Provisions
May 7, 2020

Additional Updates
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