The tax benefits only renewed for 2014 are:

• Mortgage PMI (private mortgage insurance) deduction
• IRA direct contributions to charities
• Section 179 depreciation limits
• Bonus depreciation
• Non-taxable forgiveness of debt on the foreclosure of a personal residence
• Deducting sales tax if it exceeds state income tax
• Energy credit for home improvements

There is only a new concept called an ABLE account with tax benefits for disabled individuals to pay for disability related expenses--even if the individual is on Medicaid. We hope these accounts will be available next year. Read More