The standard mileage rate declines to 56¢ per mile for business driving, down half a cent from 2013. The rate for medical travel and moving also falls, to 23.5¢ a mile. But the allowance for charitable driving is unchanged…14¢ a mile. User of the standard mileage rate can also claim the cost of parking and tolls. The tax credit for small firms that offer health coverage is juicier in 2014. The top credit rises to 50% (35% for tax exempt groups) of the lesser of what they pay for employee coverage brought via an exchange or the average group exchange premium for small businesses in their state.
However, the full credit is available only to firms with 10 or fewer full-time equivalent employees and average wages of $25,400 or less. It falls rapidly for firms with more employees and higher pay, completely phasing out for businesses with more than 25 workers or average pay in excess of $50,800. Employers must contribute at least 50% toward the cost of coverage to get the credit. Only $25,000 of business assets can be expensed, as the law now reads, and the $25,000 phases out once more than $200,000 of assets are put in service.
50% bonus depreciation has ended.
Congress allowed it to lapse after 2013. Ditto for several other business tax breaks: The work opportunity tax credit for hiring disadvantaged workers. 15-year depreciation for restaurant renovations and leasehold improvements