You're probably familiar with tax provisions that expire on an annual basis, also known as "extenders." In mid-December 2015, Congress renewed the extenders that expired last year. But this time, the extender renewal went further than making the breaks retroactive to the beginning of 2015. Some of the rules are now effective through December 31, 2016, some are effective through 2019, and some are effective permanently. Other provisions made changes to existing tax rules that were not part of the extenders. What does that mean for you? For one thing, it means you can benefit from tax breaks such as bonus depreciation, expanded Section 179 expensing, and residential and business energy improvement incentives on your 2015 federal income tax return. Here are three rules that are back in place for 2015 - and that were permanently extended, meaning they'll also be available in future years.
Please contact us to discuss how this new law could affect you. Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs. We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain.Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at [email protected]. For more free resources, such as Online Advisor Newsletters, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com. Art Bradley CPA & Janice Papais CPA 145 Tower Drive, Suite 4 Burr Ridge, IL 60527 Phone (630) 320-3720
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September 2023
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