As we discussed before, the House passed a one year renewal of nearly 50 tax deductions and credits that would expire in 2014.  Here is a list of what will be saved in this posting by Andrew Lundeen and Kyle Polmerleau in Tax Foundation:

http://taxfoundation.org/blog/house-passes-one-year-renewal-tax-extenders

Important for businesses is the extension of  bonus depreciation and section 179 increased expensing limits plus the Work Opportunity and Research Credit.  Individuals will benefit from extensions of the itemized deduction for state and local sales tax (versus state income tax), the above the line deduction for higher education tuition and fees, the $250 above the line deduction for educator expenses and Private Mortgage Insurance as an itemized deduction.

The Senate supposedly will vote on the bill without amendments on Wednesday or Thursday.  Hopefully it will pass, as the President has said he will sign it.  Stay Tuned.

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