On December 19, 2014, President Obama signed the tax extenders bill into law after the bill passed both the House and Senate. Unfortunately, the bill did not extend the tax incentives for very long, as the bill only was effective retroactive to January 1, 2014 through December 31, 2014. Congress will have to go back to the drawing board in Congress’ 114th session to pass a bill that will hopefully last longer than a few weeks.  Right now, taxpayers can focus on preparing their 2014 tax returns, which, thanks to the extenders bill, can include those threatened tax breaks.