On May 9, 2014, the IRS published final regulations pertaining to certain costs incurred by estates and non-grantor trusts, and finally brought an end to some controversial issues surrounding the deductibility of certain costs.
Several provisions of the Protecting Americans from Tax Hikes Act of 2015 (PATH) impact Code Section 179 and taxpayer’s depreciation options beginning in 2016. The highlights of those changes include the following:
- The elevated expensing limitation and the phase out limits have been made permanent and indexed for inflation. For 2016,
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Earlier this month, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015, extending a number of tax provisions that expired at the end of 2014. But unlike past tax extenders legislation, the PATH Act also makes some deductions and tax credits permanent for businesses and working families.
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With the end of the year quickly approaching and the holiday stretching our free time thin, it is a great idea to squeeze in a little bit of tax planning to help yourself out before 2016.
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Tags: IRS, Individual Tax Return, Tax Planning, Business Tax, Minimize Taxes, Tax Return
There are several new forms that have been issued by the IRS related to reporting requirements under the Affordable Care Act.
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Tags: Individual Tax Return, Tax Planning, Premium Tax Credit, Affordable Care Act
Questions about itemized deductions are common with taxpayers. During the preparation of personal tax returns, I often receive one or both of two common questions:
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Tags: Automobile Expense Tax Deductions, Itemizing Deductions, Individual Tax Return, Tax Planning, Tax Deductions, Home Office Tax Deduction, Tax Deductible Travel Expenses, Donation to Charity, Minimize Taxes
From a tax planning perspective, should I get married before the end of 2014 or wait until 2015?
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Tax planning this fall could mean more money in your pocket at April 15th.
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Tags: Individual Tax Return, Tax Planning, Tax Deductions, Retirement Plan, Business Tax, Tax Return, Farm Taxes
At BHT&D CPAs, we get many questions regarding charitable donations throughout the year. Here are a few things to consider as you make your donations:
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Tags: Tax Planning, Tax Deductions, Donation to Charity, Charitable Deductions
If you are a farmer and paid quite a bit of tax last month on April 15, you may be asking, "What can I do to minimize my 2014 taxes?"
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Tags: Agriculture, Tax Planning, Minimize Taxes, Farm Taxes
