Brandon P. Schultz, CPA, PC Comments on Washington's Attempt to Reinstate Necessary Tax Deductions

Wichita Falls, TX, April 01, 2014 --(PR.com)-- The Senate Finance Committee Chairman Ron Wyden has said he hopes to strike a deal to renew some 55 tax credits and deductions that expired at the end of 2013. Senator Wyden, who took over the chairmanship of the Committee in February, said renewing the so-called tax extenders is one of his top priorities. He said businesses and families need "certainty" on the tax breaks, which affect everything from research and development, renewable fuels and employment opportunities for veterans. The cost of extending the tax extenders that expired last year is $54.2bn, according to the Congressional Budget Office (CBO). Brandon Schultz of Brandon P. Schultz, CPA, PC a Wichita Falls, TX CPA firm stated that among these expiring tax breaks are, the above the line teacher deduction, the state sales tax deduction, research and development credit, the necessary section 179 business deduction that allows small business to more rapidly deduct capital expenditures, tax credits for renewable energy, and many others. "If Washington wishes to oversee the complete destruction of the US economy, by all means, don't renew these and watch what happens," said Schultz. Brandon P. Schultz, CPA PC is a leading CPA firm providing Professional Accounting, Tax and Attestation services.