In my post last week I described how a bill becomes law and that the House of Representatives had passed the Tax Increase Prevention Act of 2014 (TIPA).
The Senate voted on and passed TIPA on December 16th with a 76 to 16 majority (8 Senators did not vote). This means we are one signature away from extending higher Section 179 Depreciation ($500,000) and the 50% Bonus Depreciation for 2014. Please note that there are still long-standing rules & limitations to consider. See last week’s Wealth Extractions for a detailed explanation. Call your Dental CPA today!