- Action May Be Needed Before Year-End
- Prior to the release of the new regulations dealing with capitalization and repairs, the Internal Revenue Code and regulations provided no specific de minimis amount that could be expensed for business purchases of items with a useful life of greater than one year, although the IRS generally didn’t quibble over the expensing of items costing $100 to $200 or less. This is without regard to the Section 179 expensing provision.
- It's Time for Year-End Tax Planning
- For the past few years, year-end tax planning has been challenging due to the lateness of action by Congress. This year is no different because of uncertainty over whether Congress will extend any of the many expired or expiring tax provisions. However, regardless of what Congress does later this year, solid tax savings can still be realized by taking advantage of tax breaks that are still on the books for 2015. For individuals and small businesses, these include:
- Tax Benefits of a Home Solar Power System
- If you are considering installing a solar electric system or solar hot water system for your home, there are tax issues you should consider when making your decision.
- Don't Be Scammed By Fake Charities
- As the end of the year approaches, you will probably be besieged by requests from charitable organizations for contributions. The holiday season is the favorite time of the year for charities to solicit donations.
- When to Claim a Disaster Loss
- With the wild fires and draught in the West and flooding on the East Coast, we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a casualty, you may be able to recoup a portion of that loss through a tax deduction. If the casualty occurred within a federally declared disaster area, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year.
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