Archive for December 2015
Congress Passes Tax “Extender” Legislation
Dana McGuffin CPA is excited to share with you that once again, Congress has arrived at a consensus to pass a tax bill – the tax extender legislation called “Protecting Americans from Tax Hikes (PATH) Act of 2015” – at the end of December, 2015! The good news is that the beneficial tax provisions we have…Read More
Understand This Depreciation Rule When Buying Assets
You’re already aware that depreciation expensing techniques help reduce federal taxes when you purchase business assets such as autos, machinery, equipment, and furniture at year-end. But did you know that might not be as true this year as it once was? Here’s why. Some immediate expensing depreciation tax breaks have been reduced for 2015. For…Read More
Do You Have These Basic Documents?
Can you name basic documents that can ease decision making for your family if something happens to you? Here are four to think about as part of your overall personal financial plan. Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. If…Read More
Don’t Let the AMT (Alternative Minimum Tax) Sneak Up On You
The alternative minimum tax (AMT) is often called a “stealth tax” because it sneaks up on unsuspecting taxpayers. But you can keep from being caught if you take timely year-end action. Begin with understanding how AMT works. The Alternative Minimum Tax requires a separate computation on your tax return. You start with regular taxable income, then…Read More
IRS Raises the De Minimis Safe Harbor Threshold
You may remember the fiasco at the beginning of 2015 with the implementation of the new capitalization regulations and how we received revised procedures every 2-3 weeks. Well, after receiving many public comments, the Internal Revenue Service has made another change: to raise the de minimis safe harbor threshold, for taxpayers without audited financial statements,…Read More
Do You Need to Pay Taxes On Gifts?
The act of gifting is generally not a taxable event when you’re the receiver, or “donee.” Why? At the point of receiving the gift, you typically have not received income. What about when you’re the gift-giver? How does the act of giving the gift affect your tax situation? If the gift is large enough, the…Read More