IRS Revises Safe Harbor Repair Regulations

In November the IRS increased the amount your business can expense versus capitalize from $500 to $2,500. This change impacts businesses that do not publish applicable financial statements. The new rule takes effect starting in 2016, but there is audit protection for using this new limit in prior years. What… Read More

Free Shipping is Not so Free

One of the most successful selling techniques used today is to offer “free” shipping for mail and internet orders. But shipping is never free. So why is it such a popular offer to buyers of goods and services? The average order size play. The classic way sellers pay for the… Read More

There is Still Time for Retirement Funding

There is still time to make a contribution to a Traditional IRA or Roth IRA for the 2015 tax year. The annual contribution limit is $5,500 or $6,500 if you are age 50 or over. Prior to making the contribution, if you (or your spouse) are an active participant in… Read More

A Couple IRS Wrinkles That May Impact You

The IRS made two recent announcements that may impact you this tax-filing season. Being aware of these announcements may keep you from unknowingly delaying filing your tax return. One topic is regarding proof you have qualified health insurance and the other topic is an error in notices sent to victims… Read More

Time to Start Preparing

While most see January as the start of something new, you should also see it as a time to start the collection of your prior year information. Here are some things to consider: Receive and Review Informational Tax Forms. Create a list of all your anticipated W-2s, 1099-MISC, 1099-DIV, 1099-B,… Read More

IRS Now Required to Use Collection Agencies

In a 1,300 page Transportation Bill signed into law in December, 2015, there are eight pages that require the IRS to assign unpaid tax bills to outside collection agencies. This means that third party companies will now be calling taxpayers as representatives of the IRS to collect unpaid taxes. What… Read More

2016 Mileage Rates Now Established

The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving… Read More

PATH Act Passes: What you need to know

  Once again, with the signature of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), many popular tax items have either been made a permanent part of the tax code or have been extended to 2016 and beyond. Here are the more commonly used tax savings items… Read More

In the News: Tax Extenders Bill Passes

Many tax changes impact 2015 Congress has passed legislation that will impact your 2015 tax bill. Most of these tax laws expired in 2014 and created uncertainty during 2015. While passing legislation that impacts a tax year that is all but over seems unreasonable, here are some of the popular… Read More

The Lost Art of Tracking Home Improvements

How a tax law makes us sloppy and creates a tax risk One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home… Read More