2015 Tax Information That Affects You

 

2015 Tax Law Snapshot

It’s that time of year again. The dreaded tax season is upon us.

Thankfully, I do not prepare tax returns or do anything of the sort. In fact, I try to stay as far away as I can from giving tax advice. My joy and expertise is in management accounting and growing businesses. That is way more fun!

But having the 3 letters (CPA) behind my name, I get tons of questions from friends and family this time of year. So I stay  up-to-date as best I can  by being a member of the AICPA.

They print a handy Tax Law Snapshot each year that sums up all the changes that affect you as a taxpayer and business owner.

If you want to grab a copy of the 2015 run-down of this pertinent tax information, click here. I have added it among the many other free resources I give away as a subscriber to my weekly business growth newsletter.

In the meantime, here are a few tidbits of information you might find interesting:

Extended Tax Breaks for 2016

After the printing of the 2015 Tax Law Snapshot, most of the extended tax breaks did pass Congress. Some worth mentioning are:

Section 179 instant depreciation deduction is permanently at $500,000 for 2015 and beyond, plus Bonus Depreciation is extended again through 2019.

Cancellation of debt on your primary residence is still excluded from taxable income.

Leasehold improvements will still enjoy the accelerated depreciation schedules of recent past (15 years versus 39).

Child tax credit, earned income credit, educator deduction and American Opportunity educational credits continue as before in years past.

If you want the nitty, gritty, boring details of all the other tax extensions, you can read more here.

Standard Mileage Rates for 2016 Drop Per Mile

Standard mileage rates for business use of a vehicle will go down in 2016.

  • Business use of a car, van,  or pickup truck will be 54 cents per mile, down from 57.5 cents in 2015.
  • Medical or moving mileage may be deducted at 19 cents per mile, which is four cents lower than last year.
  • Charitable miles driven is unchanged and will stay at 14 cents a mile.

If you don’t know whether or not you can deduct the miles you drive on your personal vehicle, read this post to see if you can.

I also have a whole video about how to deduct mileage from your vehicle on your tax return within my Free membership site. Also, grab your free tax deduction checklist while your there to make sure you aren’t missing any important tax savings.

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