News & Articles

Five Last-Minute Moves to Lower Your 2015 Tax Bill

Posted on Mon, Feb 29, 2016

Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following Monday for most of the nation. The deadline will be Tuesday, April 19, in Maine and Massachusetts, due to Patriots' Day.

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Tags: Traditional IRA, Sales Tax, SEP, Section 179 deduction

A Gift from Uncle Sam: Congress Passes the Extenders Package

Posted on Mon, Dec 21, 2015

This holiday season, taxpayers are receiving a "gift" from Washington, D.C. It's the Protecting Americans from Tax Hikes Act of 2015 or, simply, the PATH Act. It does more than just extend expired tax provisions for another year. The bipartisan deal makes about one-third of these tax provisions permanent. Many others have been extended for periods ranging from two to five years.

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Tags: Tax, Expenses, Business, Tax Breaks, Section 179 deduction, PATH Act

Could Buying a Heavy SUV, Pickup or Van Help Save Taxes?

Posted on Mon, Nov 30, 2015

Buying a gas-guzzling SUV, pickup or van may be frowned upon for environmental reasons. But these vehicles can be useful if your business needs to haul people, materials, inventory or equipment around. They also offer major tax advantages for businesses when they're acquired.

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Tags: Tax, Section 179 deduction, Depreciation

Update on the Section 179 Deduction Tax Break

Posted on Mon, May 20, 2013

The latest tax law includes important depreciation changes that will benefit businesses for the 2013 tax year (and 2012 if you haven't filed yet). Under Section 179, a business can deduct qualifying assets (including most software) in the year they are placed in service, rather than writing them off over several years under the regular depreciation rules. This article explains the rules.

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Tags: Michigan State and Local Tax (SALT), Corporate Income Tax, business consulting, CPA Firm, Articles, Echelbarger, Tax Break, EHTC, Fiscal Cliff, Section 179 deduction, American Taxpayer Relief Act of 2012