What does the new tax act mean for me?
August 14, 2015
What to do if the IRS calls
April 17, 2015
2015 Filing Season
January 3, 2015
September 18, 2014
Self - Employment Tax
August 15, 2014
Play or Pay Delay
March 16, 2014
Client Letter 2014
January 4, 2014
January 5, 2013
Surtax for Estates and Trust
January 3, 2013
I'm busy working on my blog posts. Watch this space!
Elizabeth Kraft Bleecker
Protecting American’s from Tax Hikes Act of 2015 was signed into law by the President on Friday December 18th, 2015. The Act makes many popular tax breaks permanent and extends others through 2019.
Some permanent tax provisions of particular interest for individuals include:
Tax free payouts of up to $100,000 from an IRA directly to a 501c3 non-profit (for those 70 ½ and older).
The ability for itemizers to deduct sales tax instead of income taxes. Particularly beneficial in our home state of Tennessee where there is no income tax.
Mortgage insurance premiums may be treated as qualified residence interest.
Enhanced Child Tax Credit and American Opportunity Tax Credits.
Businesses also saw some favored tax provisions made permanent including:
The Research and Development credit.
15 year depreciation for qualified leasehold improvements and restaurant renovations.
100% gain exclusion for those that buy small business stock and hold for five years.
Accelerated depreciation, under Section 179, of certain personal property
While some are still temporary, such as:
50% bonus depreciation extended through 2017 phased to 40% in 2018 and 30% in 2019 before expiring.
The Work Opportunity Credit for employing economically challenged workers is available through 2019.
These are just some highlights from the many items covered in the bill. Please contact us to discuss any questions.
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