Deducting and Capitalizing Business Expenses Under the Tangible Property Regs
Over the past few years new Tangible Property Regulations (TPRs) have phased in and effective in 2014 these rules apply to all taxpayers. The TPRs explain when you can deduct amounts paid to acquire, produce, or improve tangible property and when those amounts must be capitalized.
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Maximize Your Car Donations
As another tax season approaches, taxpayers are always trying to maximize deductions. If you have an automobile that you are not currently using, you may want to consider donating it to a 501(c) (3) charitable organization. A listing of 501(c) (3) organizations can be found on the IRS website (http://www.irs.gov/Charities-&Non-Profits/Exempt-Organizations-Select-Check).
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2015 Year-End Tax Planning
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to act on a number of important tax breaks that expired at the end of 2014. Some of these tax breaks ultimately may be retroactively reinstated and extended, as they were last year, but Congress may not decide the fate of these tax breaks until the very end of 2015 (or later).
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