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2014 Tax Season To Start 2 Weeks Later
The trickle-down from the government shutdown, will now mean delays in the IRS processing tax returns.
What does this mean for you? Less time to gather your paperwork and less time for us to prepare the returns and meet the April 15 tax deadline.
To view the entire announcement click here. |
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A Little Halloween Fun!
 | | Dave Knutte, Bridget Kenney, Sue Rudis in a tax meeting. |
Even us accountants can have a little fun on Halloween! Thanks Bridget Kenney for dressing up, CPA style. |
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It's hard to believe we are nearing the end of the year. We hope you find our news and information relevant, useful and timely. We wish you and your families a Happy Thanksgiving. As always, we thank you for your business, referrals and trust you place in us.
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| Tax Breaks Slated to Disappear for Homeowners, Teachers, Students and Small Businesses
While many of the usual temporary tax deductions and credits were made permanent in 2012, there's still a large number that weren't, and that are currently slated to expire or change significantly at the end of the year.
Some of these deductions include mortgage insurance, educator's expenses, tuition, energy efficiency, and business property.
For the complete list click here.
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Now May Be The Time To Purchase A Heavy SUV For Your Business
Businesses can claim substantial deductions for heavy (over 6,000 pounds loaded gross vehicle weight) SUVs, trucks, and vans used primarily (over 50% of the time) in the business. Also a business can deduct up to $25,000 of the SUV's cost in the year it is purchased.
Unless Congress takes action, bonus depreciation won't be available after 2013. Furthermore, the $500,000 full expensing deduction will drop to $25,000 after 2013. So if you are on the fence about buying a heavy vehicle (SUV or non-SUV) this year or next, it may make sense to do it sooner rather than later.
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