On December 19, 2014, President Obama signed H.R. 5771, known as the Tax Increase Prevention Act of 2014. The tax bill brought back into law over 50 tax benefits that had expired as of December 31, 2013. The President and Congress gave us only 12 days to take advantage of these tax breaks, as they were only extended to December 31, 2014. The Tax Increase Prevention Act of 2014 extended tax benefits for businesses and individuals.
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