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December 2015

Standard Mileage Rates – Reduced for 2016

From Mark Enderle, CPA – The standard mileage rates for business use of a vehicle will go down in 2016, the IRS announced yesterday.  For business use of a car, van, pickup truck, or panel truck, the rate for 2016 will be 54 cents per mile, compared with 57.5 cents in 2015. We can assist you in making the decision of whether to use the mileage rates or actual expenses …Read More

UPDATE on Extender Legislation

From Mark Enderle – The tax extenders bill continues to be stalled in Congress.  The holdup?  Indexing the child tax credit to inflation (i.e., increasing it with inflation). In general, Republicans oppose this, but House Minority Leader Nancy Pelosi is driving this position and does not appear to want to back down (this is what my comments last week were regarding the bill being declared DOA). We may see action …Read More

Extender Legislation

From Mark Enderle, CPA: We get calls daily for updates on how Congress is progressing with the tax extender legislation for 2015. The most important provisions in the tax extender bill we are hoping for would have Section 179 at $500,000 and 50% bonus depreciation on new purchases. Senator Orrin Hatch has indicated that a one-year extension similar to last year will not work. President Obama and Rep. Nancy Pelosi …Read More