November 19, 2015 1:20 pm
Published by Mark
Bonus first-year depreciation generally isn't available for purchases of qualifying assets in 2015 unless Congress extends it, but year-end purchases of depreciable property still can achieve significant tax savings even if bonus depreciation isn't revived. One key for savings is the half-year convention that generally applies in the computation of cost recovery deductions for the year that property (other than real property) is first placed into service. Is bonus depreciation gone for good?
November 19, 2015 1:20 pm
Published by Mark
Some individuals with substantial income in addition to salaries may find that the amount of tax withheld from their salaries isn't enough to cover their required estimated tax payments. This may be the result of, for example, miscalculations or unusual sources of income—for example, a windfall on the sale of a capital asset earlier in the year, or unexpected exposure to the 3.8% surtax An individual subject to the estimated tax must pay, on each of four installment dates (April 15, June 15, and...
September 4, 2015 10:00 am
Published by Mark
If your small business has been selected for an IRS audit, having qualified expense receipts is essential. You will need to be able to show the IRS auditor that all of the deductions that your business claimed on its return are viable. Following IRS audit guidelines on receipts can help increase your chances of passing the audit.
September 4, 2015 10:00 am
Published by Mark
A comparison of the 2016 and 2015 limits is shown below: Contribution and Out-of-Pocket Limits for Health Savings Accounts and High-Deductible Health Plans For 2016 For 2015 Change HSA contribution limit(employer + employee) Individual: $3,350 Family: $6,750 Individual: $3,350 Family: $6,650 Individual: no change Family: +$100 HSA catch-up contributions(age 55 or older)* $1,000 $1,000 No change** HDHP minimum deductibles Individual: $1,300 Family: $2,600 Individual: $1,300 Family: $2,600 ...
September 4, 2015 10:00 am
Published by Mark
Many companies use independent contractors to slash payroll taxes and the high cost of fringe benefits. But using outside workers can result in other problems. It's no secret that Uncle Sam wages battle with businesses over freelancers.
September 4, 2015 10:00 am
Published by Mark
According to the Internal Revenue Service (IRS) rules, a Safe Harbor 401(k) plan requires the plan sponsor/employer to provide notice to employees who are eligible under a qualified Safe Harbor 401(k) plan of their rights, obligations, and benefits under the plan. The Safe Harbor notice should be provided to eligible employees within a reasonable time before the beginning of the plan year or during the year in which the employee becomes eligible. Generally, this means at least 30 da...
September 4, 2015 10:00 am
Published by Mark
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. 2015 luxury auto depreciation dollar limits and lease income add-backs released. Annual depreciation and ...
September 4, 2015 10:00 am
Published by Mark
As part of Ohio BWC ongoing efforts to modernize their operations and provide better service to Ohio's employers, they will be transitioning to a new prospective billing system beginning in July 1, 2015 for private employers and Jan. 1, 2016 for public employer taxing districts. Prospective billing is an insurance industry standard practice that will enable us to collect premiums before extending coverage.
September 4, 2015 10:00 am
Published by Mark
As if the process of getting married isn't complex and difficult enough, prospective spouses also need to take income tax considerations into account before tying the knot. That's particularly true for those who plan to marry late this year or early next year. As this article explains, from the federal income tax standpoint, those marrying next year may come out ahead by deferring or accelerating income, depending on their circumstances.
