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The PATH Act’s many provisions also include a permanent increase in the amounts allowed under IRC Section 179, which permits rapid deduction (expensing) of funds spent for business equipment. For 2015, expensing up to $500,000 of equipment was allowed with no phaseout beginning at $2 million of purchases. For 2016, the inflation adjusted amount is […]
Many people save money for retirement in a traditional IRA. The funds might have come from annual IRA contributions, or from rolling over an employer sponsored retirement account such as a 401(k). Either way, the dollars in your traditional IRA are probably pretax, so they’ll be taxed on withdrawal. You can leave the money in […]
The PATH Act of 2015 is not the only recent tax law affecting year-end planning this year. One provision of the Affordable Care Act, passed back in 2010, comes into play now. For taxpayers age 65 or older, it may pay to incur optional medical expenses by December 31, 2016. Under the Affordable Care Act, […]
The PATH Act, passed at the end of 2015, exempts certain IRA-to-charity transfers from income tax. For most people, moving money from an IRA to a charity is a taxable withdrawal, subject to income tax. However, once you reach age 70½, such transactions may be untaxed as a Qualified Charitable Distribution (QCD). QCDs are now […]
A new law makes the sales tax deduction permanent. Keep in mind that you deduct sales tax instead of state and any local income tax. You can’t deduct both sales and income taxes. The new provision obviously will benefit taxpayers who live in Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming, none of which has […]
Recently, year-end tax planning has been challenging. Many tax code provisions expired, and it was uncertain whether they would be renewed, with Congress’ action potentially not coming until extremely late in the year. Things are different in 2016. The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law late last year, […]