Here Are the Major Tax Law Changes for 2014

May 21st, 2014 at 9:36 AM

Lawmakers decided to allow dozens of tax breaks to expire after 2013, and most of them will not be retroactively revived until late 2014. They include the R & D tax credit, the deduction for state sales tax in lieu of income tax, and the exclusion of up to $ 2 million of forgiven debt on a debtor’s primary home. Also, for taxpayers over 70 1/2 and older to make direct distributions of up to $ 100,000 annually from their IRAs to charity.

Here are some of the more important 2014 new tax rules:

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