June 2014 

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TAX DEADLINES

June 16, 2014-IRS
The deadline for the second 2014 federal corporate estimated income tax payment is June
16, 2014.  Please send your payment to the IRS using the EFTPS system.
 
 June 16, 2014-Tennessee
The deadline for the second 2014 Tennessee franchise & excise estimated tax payment is June 16, 2014.  Please mail your payment to the Tennessee Department of Revenue, 500 Deaderick Street, Nashville, TN 
37242.
  Estimated tax payments for franchise & excise taxes are only due if the total of these two taxes are greater than 
$5,000 for the entire year.
 
 September 15, 2014 (Extensions) The final deadline for calendar year limited liability companies (LLCs) and corporations to file their 2013 federal income tax return is September 15, 2014.  Please provide us all of your tax information to prepare this federal return as soon as possible.  Tax returns filed after the final deadline will be subject to penalties and interest.

 

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We hope your summer is off to a great start.  This newsletter serves as a reminder of the tax deadlines and brings to your attention any new tax news.

 

TAX NEWS

 

Disappearing Tax Deductions

 

The following tax deductions have changed beginning January 1, 2014.  These have created great tax savings in the past.  New legislation always seems to be passed late in the year, however, these deductions currently are no longer available or have been modified.

 

1.  Section 179 Expense - Off-the-shelf software will not qualify for Section 179 expensing in 2014.    

  

2.  Bonus Depreciation - in the prior years, a 50% and sometimes 100% bonus depreciation could be taken on new qualified property.  In 2014, bonus depreciation is only allowed for aircraft and long production-period property.

 

 3.  Qualified Leasehold, Restaurant and Retail Improvement Property in the last few years had been assigned a 15 year life for depreciation purposes.  Starting in 2014, the useful life will increase to 39 years creating a much lower depreciation expense for this type of property.

 

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Thank you for your business.  Please contact us for your accounting and tax needs.  Have a wonderful summer!