Dozens of tax breaks for individuals and businesses expired in January 2014, and this pattern of passing an Extenders Bill at the last minute so taxpayers can claim deductions on their returns makes financial planning a challenge.
What most people don’t realize is that the Internal Revenue Code (the “tax law”) is designed to encourage certain activities that benefit the American public. The current Extenders Bill only deals with 2014, which is already past. So basically, it is a give-away to people who took specific investment actions they hoped would be recognized with tax savings – if, and when an extension of the tax benefits is passed by Congress.
