On December 18, President Obama signed into law the 231-page “Protecting Americans from Tax Hikes” (PATH) Act of 2015. The PATH Act extends a number of important tax breaks and makes many of them permanent. Below are highlights of key individual, business and miscellaneous provisions affected by this legislation. Continue reading
The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law on December 18th. The law makes some popular tax breaks permanent and extends other tax breaks for a couple of years. Some key provisions to be aware of now:
For individuals: If you haven’t taken your required minimum distribution for 2015, consider making a direct charitable rollover contribution. The law allows a charitable contribution of up to $100,000 directly from an individual retirement account.
For businesses: The PATH Act retroactively restored the $500,000 expensing election for qualified business property in 2015 for certain taxpayers who are under a threshold amount. Bonus depreciation was also retroactively restored in 2015.
Unfortunately, the timing of the law has left little time for planning this year. We will issue a more detailed report next month.
December 2015 General Client Newsletter
Thanks for Being a Part of Our Firm’s Family!
We get a great deal of satisfaction from working with clients, whether we’re helping you identify tax-saving opportunities, plan for college or retirement, address critical business concerns or tackle any number of other financial issues. So please accept our sincere thanks for your business! We look forward to continuing our valued relationship with you in the coming year. Please remember that we’re always here to help when you need us.
In this month’s issue:
- Do You Need to Send 1099s?
- Introduction to the New Credit Cards
- Reaping Rewards of a Business Plan
- Five Ways to Avoid 100% Penalty
- Car Donations: Tax Rules of the Road
- 2016 Accounting Intern Scholarship Program
- December 2015 QuickBooks Newsletter – Get Ready for 2016: QuickBooks Can Help
- December 2015 QuickBooks Tip
Annual update on the new features of QuickBooks® accounting systems
Our QuickBooks manager and Advanced QuickBooks ProAdvisor, Rich Kane, CPA, will present a QuickBooks 2016 update at the Illinois CPA Society Fox River Trail Chapter on Thursday, December 3, 2015.
Learn about the new features and functions in QuickBooks Desktop 2016, QuickBooks Online, and QuickBooks training options. Rich will compare the versions and show the screen interface changes you will need to be familiar with to support your business and/or your clients. Continue reading
November 2015 General Client Newsletter
It’s not too soon to prepare!
The end of the year will be here before you know it. We recommend that you take the time before your holiday celebrations to begin thinking about your year-end tax planning.
A couple of articles in this month’s newsletter offer opportunities that you may be able to use in your year-end tax planning. Be sure to contact your tax professional to see which will work for you.
In this month’s issue:
- Unlocking Social Security: An Educational Workshop
- Seven Make-or-Break Year-End Tax Moves
- Five Year-End Tax Ideas for Businesses
- Handling Requests for Employment References
- Q&A About Early Retirement
- November 2015 QuickBooks Newsletter – QuickBooks Reminders Prevent Problems
- November 2015 QuickBooks Tip