Tax Increase Prevention Act of 2014

The Tax Increase Prevention Act of 2014 (the Act) was passed on December 16, 2014. Thankfully, the Act retroactively extends most the federal income tax breaks that would have affected many individuals and businesses, but only for one year through 2014. This leaves precious little time to take advantage of these tax breaks. Here is a quick summary of the most important tax changes—starting with those that affect individuals.


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