Tax Breaks - CAPATA CPA

Extension means businesses can take bonus depreciation on their 2015 returns – but should they?

March 8, 2023February 2, 2016

Extension means businesses can take bonus depreciation on their 2015 returns – but should they? Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give … Read more

2 Extended Credits Can Save Businesses Taxes on 2015 returns

March 8, 2023January 13, 2016

2 Extended Credits Can Save Businesses Taxes on 2015 returns The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to deductions, for example, which reduce only the amount of income that’s taxed). Here are two extended credits that … Read more

Congress passes “extenders” legislation reviving expired tax breaks for 2015

March 8, 2023December 22, 2015

Congress passes “extenders” legislation reviving expired tax breaks for 2015 Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on December 18. The PATH Act not only revives expired breaks for 2015 but … Read more

Substantiating charitable contributions by individuals

March 8, 2023November 24, 2015

Substantiating charitable contributions by individuals A reminder about the requirements to substantiate all of your charitable contributions. If the contribution is $250 or more, you’ll need a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. Here are the details. General rules For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written … Read more

When will Congress pass “extenders” legislation to revive expired tax breaks for 2015?

September 8, 2015

When will Congress pass “extenders” legislation to revive expired tax breaks for 2015? With Congress returning from its August recess, 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 … Read more

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Extension means businesses can take bonus depreciation on their 2015 returns – but should they?

2 Extended Credits Can Save Businesses Taxes on 2015 returns

Congress passes “extenders” legislation reviving expired tax breaks for 2015

Substantiating charitable contributions by individuals

When will Congress pass “extenders” legislation to revive expired tax breaks for 2015?

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