“The Tax Increase Prevention Act” also known as the tax extenders bill or “Achieving a Better Life Experience Act of 2014” is finally official.

It amends the Internal Revenue Code to extend certain expiring tax provisions relating to individuals, businesses, and the energy sector. The extension is good through December 31, 2014 and includes more than 60 extensions.

Unfortunately, there is no much visibility as to what happens in 2015 and after that, which naturally will hinder the tax planning process. In addition we have to wait and see to what extent the states will conform with the extensions. Taxpayers who expect significant impact can consider filing  extensions to avoid the hassle of amending their state returns later on.

Summary and full text of the bill /H.R.5771/ can be found here.