The House bill extends through 2014 the state and local sales tax deduction, higher education tuition and fees deduction and: •Exclusion of discharge of qualified principal residence indebtedness •Mortgage insurance premium deduction •Teachers’ classroom expense deduction •Tax-free charitable distributions from IRAs •Contributions of real property for conservation purposes Business incentives Along with extending 50 percent.

WASHINGTON — The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: •57.5 cents.

The House on December 3 approved the Tax Increase Prevention Act of 2014 (HR 5771). The bill extends individual, business and energy tax incentives through 2014 and makes technical corrections to existing tax laws. The timeframe for the Senate taking up the House bill is unclear as the lame-duck session of Congress draws to a.

RMD In general, distributions from a qualified plan must begin no later than April 1 of the year following the year in which the account owner attains age 70-1/2 or, if later, retires. Distributions are calculated based on the account balance for the year prior to the year in which the distribution is being taken,.