In November, 2015, the Internal Revenue Service (“IRS”) increased the maximum threshold for expensing certain capital items from $500 to $2,500. In other words, for purposes of federal income taxation, a taxpayer can expense in the first year any
Do You Know When You Need State Tax Advice? Just like people, companies often experience life events during the course of their existence. Often times these events can trigger multi-state filings and registration requirements. The following list is a sample
IRS Extends Deadlines for Affordable Care Act Reporting Forms 1094-B and 1095-B and Forms 1094-C and 1095-C The IRS issued Notice 2016-4, which extends the distribution and filing deadlines for the Affordable Care Act (ACA) reporting requirements. Under Code
The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. These 2016 rates, along with other tax news updates, can be viewed on the
Congress has reached a deal. It will be passed soon. There are some great provisions in this Act – see below: Section 179 made permanent at the $500,000 limit if qualifying Fixed Asset additions do not exceed $2,000,000.
Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing or merchandise, you want to
The Internal Revenue Service recently simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial
INDIANA PERSONAL PROPERTY TAX DATE CHANGE Each year businesses are required to report the cost of their tangible personal property to the local assessor’s office based on the property they have in their possession. Effective July 1, 2014, the state
The Bipartisan Budget Act of 2015 signed by President Obama on 11/2/15 eliminates the file and suspend method, a popular strategy used by married couples to maximize their lifetime Social Security benefits. Under this approach, a higher earning spouse
Effective Jan 1, 2016, for-profit hospitals are now entitled to an income tax credit against the hospital’s adjusted gross income tax liability for the taxable year equal to 10% of the property taxes paid in Indiana on property used
The Ohio Department of Taxation recently acknowledged that they sent out approximately 5000 letters in error requesting additional support for social security numbers used on taxpayers’ 2014 Ohio Individual Income Tax Returns. Per conversations with the Ohio Department of
If you are a disabled veteran, in almost every jurisdiction you can petition your local taxing authority to have your real estates waived or reduced. The following states offer real estate tax deductions: Illinois: A qualified disabled veteran can receive
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