Could You Save More by Deducting State and Local Sales Taxes?
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break […]
2016 Q1 – Important Tax Dates for Businesses
January 15 Individual taxpayers’ final 2015 estimated tax payment is due unless Form 1040 is filed by February 1, 2016. February 1 All businesses give annual information statements to […]
IRS Raises Tangible Property Expensing Threshold to $2,500
On November 24, 2015, the IRS issued notice 2015-82 which will help to simplify the tracking and record keeping requirements for small businesses by raising the safe harbor threshold for […]
Contemporaneous Recordkeeping Key to Avoiding Loss Limitations
Taxpayers who run up tax losses in a business must be prepared to prove that one of the material participation tests was passed to avoid having the losses characterized as […]