The projected luxury auto depreciation limits under Code Sec. 280F for passenger automobiles placed in service in 2016 are: $3,160 for the first year, the same as for 2015 ($11,160 for 2016, same as for 2015, only if Congress extends … Continued
The House passed the Tax Extenders tax bill yesterday, and the Senate did so today. The legislation is expected to be signed into law by President Obama immediately. The extension of the tax benefits, which expired after 2014, was made … Continued
On December 18, 2015, Congress passed the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act), which introduced various improvements to 529 plans, effective retroactively to tax years beginning after December 31, 2014, including, but not limited to, the … Continued
For years, “File & Suspend” has been a popular strategy for married couples to maximize their social security benefits upon retirement. However, due to the Bipartisan Budget Act of 2015, this option may no longer be available as of April … Continued
The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child, that said, you should be sure that you qualify before you claim it. Here are four useful facts from … Continued
What to do with Form 1095-A This year, you may receive one or more forms that provide information about your 2015 health coverage, such as forms 1095-A, 1095-B and 1095-C. Form 1095-A, Health Insurance Marketplace Statement, provides you with information … Continued
You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the … Continued
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Starting a new company can involve a lot of filings and registrations that you might not even have known existed, and it can get a little overwhelming. The flow chart will help you make sure you touch all of the bases and nothing falls through the cracks.
The Tax Code and its regs impose substantiation requirements that become more rigorous as the items of donated property increase in value. The basic rules are summarized in brief, below: Donations of money. A bank record or a written communication … Continued
