Archive | December 2015
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It appears that Congress will pass and the President will sign the “Protecting Americans from Tax Hikes” Act. For businesses, this will make permanent the $500,000 section 179 deduction and will extend bonus depreciation through 2019 as well as allow for a 15 year depreciation life for certain leasehold improvements and restaurant property. For individuals, […]
Overlooked tax issues With the end of each year there are issues to be considered which vary with each individual’s circumstance. Some overlooked issues are listed below. Retirement Distributions: The requirement to take minimum distributions from retirement accounts begins the year a taxpayer reaches the age of 70½. This first distribution may be delayed but no […]
Charitable Donations: Donations must be made to a qualified IRS tax-exempt organization in order to be deductible. There is an on-line IRS tool (http://tinyurl.com/a72f74x) available to check the status of an organization. Churches will not be listed since they are automatically exempt. Donations to individuals are not deductible. NC Taxes: The NC 2015 personal […]
Additional year-end information for small businesses. Tangible Property Expensing: On November 24, the IRS raised the safe harbor threshold for expensing eligible capital acquisitions from $500 to $2,500. This increase applies to businesses that do not have audited financial statements. The threshold applies to any item that is substantiated by an invoice and is effective […]