Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on […]
Tangible Property Safe Harbors Help Maximize Deductions
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over […]
December Tax Developments
Protecting Americans From Tax Hikes Act of 2015 (PATH) This bill was signed by President Obama on December 18, 2015, and made permanent various tax provisions. A sample of items made permanent by this act: The American Opportunity Tax Credit (education expenses) The $250 “above-the-line” deduction for teachers for expenses paid for books, supplies and […]