Just before Christmas of 2014, our Congress decided to get in on the act and leave you a present under the tree. Waiting until the third week of December, Congress finally passed—and the President signed into a law—a bill that retroactively extended many beneficial tax provisions affecting individual taxpayers and business owners.
With mid-term elections behind them our representatives in Congress no longer had to be concerned about which side of the fence they appear to favor, paving the way for the passage of a long outstanding bill H. R. 5771 or the Tax Increase Prevention Act of 2014. A few of our representatives in Congress finally understood that sending a check for 40 percent of profits to the government does play a significant role in business owners’ ability to run their businesses efficiently, hire employees and invest (in the true sense) in capital assets.