Professional Accounting, Tax, Payroll and Consulting Services in Eldon, Missouri…

Tax News Update – Dec. 17, 2015

The House passed the tax extenders for 50 or so temporary tax provisions that are normally extended by Congress on one or two-year basis. These provisions are known as the “Protecting Americans for Tax Hikes” (PATH) Act of 2015. These provisions are expected to be quickly passed by the Senate and then signed into law.
A few of these provisions include:
• 15-Year Write-off for Qualified Leasehold & Retail Improvements
• 7-Year Write-off for Motorsport Track Facilities
• Extension of Bonus Depreciation and Section 179 Expensing Limits

Items like Section 179 Expensing Limits are being made permanent, however, other areas such as Bonus Depreciation have been extended through 2019.

For more information about these provision, please contact us.

Tax News Update – Dec. 14, 2015

The IRS has increased the safe harbor limit for small business taxpayers from $500 to $2,500. This allows small businesses to immediately deduct many expenditures that would otherwise need to be depreciated.

For more information, please contact us.