Some Tax Changes for Businesses in 2015: Welcome 2015! As the new year rolls around, its always a sure bet that there will be changes to current tax law and 2015 is no different. Standard Mileage Rates - The rate for business miles driven is 57.5 cents per mile for 2015, down from 56 cents per mile in 2014. Section 179 Expensing - For 2015 the maximum Section 179 expense deduction for equipment purchases decreases to $25,000 of the first $200,000 of business property placed in service during 2015. The bonus depreciation of 50 percent is gone, as is the accelerated deduction, where businesses can expense the entire cost of qualified real property in the year of purchase. Employee Health Insurance Expenses - For taxable years beginning in 2015, the dollar amount is $25,800. This amount is used for limiting the small employer health insurance credit and for determining who is an eligible small employer for purposes of the credit. Transportation Fringe Benefits - If you provide transportation fringe benefits to your employees, in 2015 the maximum monthly limitation for transportation in a commuter highway vehicle as well as any transit pass is $130 (same as 2014). The monthly limitation for qualified parking is $250 (same as 2014). While this checklist outlines important tax changes for 2015, additional changes in tax law are more than likely to arise during the year ahead. Dont hesitate to call us if you want to get an early start on tax planning for 2015. Were here to help!
Posted on: Tue, 06 Jan 2015 23:30:06 +0000
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