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2015 Depreciation FINALLY DECIDED!
Protecting Americans from Tax Hikes Act of 2015 Bonus first-year Depreciation — Qualified property placed in service between 1/01/15 and 12/31/19 is allowed first-year bonus depreciation. The bonus depreciation percentage is 50% for property placed in service between 2015 and 2017, 40% for property placed in service during 2018 and 30% for property placed in service…
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2016 Mileage Deduction
Optional standard mileage rates for business use of a vehicle will go down in 2016, the IRS announced on Thursday (Notice 2016-1). For business use of a car, van, pickup truck, or panel truck, the rate for 2016 will be 54 cents per mile, compared with 57.5 cents in 2015. Taxpayers can use the optional standard mileage rates to…
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2015 SEP
SEP IRA PROVISIONS A. SEPs are written plans that are 100% funded by the employer. Contributions vest immediately. Contributions can vary from year to year and are discretionary. B. Employees must be covered if they have: 1. Reached age 21 or over; 2. New – Earned at least $600 during 2015; and …
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IRS can REVOKE PASSPORT if Debt is greater than $50k
A new law in effect November 5, 2015 in H.R. 22 creates IRC (Internal Revenue Code) Section 7345. It allows the IRS to REVOKE, DENEY or LIMIT PASSPORTS if the debt owed is greater than $50,000. This includes penalty and interest. If you have an installment agreement, or in Tax Court this does not apply. More detailed…
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2015 & 2016 Simple IRA Contributions
Maximum Simple IRA contributed by an employee is $12,500 in 2015 and 2016. Catch-up contributions. If permitted by the SIMPLE IRA plan, participants who are age 50 or over at the end of the calendar year can also make catch-up contributions. The catch-up contribution limit for SIMPLE IRA plans is $3,000 in 2015 and 2016. […]Read More… from…