September 21, 2015
With Congress in session, this is the question on tax-savvy Americans’ minds. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in effect. Unfortunately, Congress often waits until the last minute to do so.
For example, Congress didn’t pass 2014 extenders until December 2014, making the legislation retroactive to January 1, 2014 — but not extending the breaks to 2015. So we’re again in a waiting game to see what will happen with extenders legislation. Some believe Congress will act soon, while others think we’ll again be waiting until December.
Here are several expired breaks that may benefit you or your business if extended:
The deduction for state and local sales taxes in lieu of state and local income taxes,
Tax-free IRA distributions to charities,
100% bonus depreciation,
Enhanced Section 179 expensing,
Accelerated depreciation for qualified leasehold improvement, restaurant and
retail improvement property,
The research tax credit,
The Work Opportunity tax credit, and
Various energy-related tax incentives.
Please check back with JPS for the latest information. Keep in mind that quick action after extenders legislation is passed may be required in order to take maximum advantage of the extended breaks. © 2015
Contact JPS — we can help you determine which, if any, tax extenders may benefit your business.
Asheville Boone Marion
828-254-2374 828-262-0997 828-652-7044
About Johnson Price Sprinkle PA:
Johnson Price Sprinkle PA is a leading certified public accounting firm in Western North Carolina, providing innovative solutions created specifically for small to mid-sized businesses. With a sixty year history, JPS has built its practice on providing superior accounting and exceptional service, in taxation, business advisory and assurance, to move clients forward by giving them the power of a national firm with the attention of a community-based one.