November 20, 2015
The group of tax breaks commonly referred to as “extenders,” are still hanging in the balance as Congress has yet to push forward with a vote for renewal. There was a fleeting hope that the tax relief would be approved earlier this year, however, there has been little action on the Senate or the House floor to send a bill to the president for his signature.
If the group of extenders and Sec. 179 are not retroactively reinstated, taxpayers could see a significant change in their tax liabilities for 2015. The most notable of these tax breaks for businesses would be the loss of bonus depreciation and a reduced Sec. 179 deduction limit of $25,000. For individuals, the ability to make charitable donations directly from your IRA tax-free would also no longer be available.
We will continue to follow Congress and will alert you when they take action either way. Note that the 2012 extenders were not passed until January 2013. Please feel free to check back for updates on our website and our social media accounts. As always, contact the office at 541.388.7888 if you have any questions.
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The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: