- For individuals, the itemized deduction for state sales tax in lieu of income tax
- The $250 teacher supply deduction
- The Section 179 expense limitation— that if not extended will be reduced from $500,000 to $25,000
- Bonus depreciation.
This month’s issue of the Boerne Business Monthly features an article written by Roland Miller, CPA, one of our tax staff. The full article is below. You can also access it by reading the online version of the BBM by clicking here. The end of the year has come upon us once again. It is the time of year when people start thinking of family and holiday gatherings. It is also a time when we begin to close the books on year 2015. But before we start making entries into the year 2016, we have some considerations on what might be helpful in planning for the 2015 tax year and possibly beyond. There are over 50 tax provisions that will need to be extended again for tax year 2015. These are like the Christmas fruitcake that gets passed around from house to house each year. These one-year extender provisions have been consistent holiday gifts for many recent tax years. However, we will have to wait until the end of the year again to see if Congress extends any of these provisions. Some of the more well-known provisions are: