Tax Extenders Passed for 2015

President Obama signed the Tax Increase Prevention Act of 2014 on December 19, 2014. This provision extends certain tax breaks that were set to expire at the end of this year.  Please note that the following tax breaks were extended through December 31, 2014:

•  The tax deduction of expenses of elementary and secondary school teachers
• The tax exclusion of imputed income from the discharge of indebtedness for a principal residence
• The equalization of the tax exclusion for employer-provided commuter transit and parking benefits
• The deduction of mortgage insurance premiums
• Tax tax deduction of qualified tuition and related expenses, and 
• The tax exemption of distributions from individual retirement account for charitable purposes