Immediate Tax Benefits for Business Property - Section 179 Provides Generous Tax Break

There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,” or currently deduct, the cost of qualified property placed in service during the year, up to a maximum level. It is near-instant tax gratification.

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“It’s not too late….2016 Tax Savings Opportunities to Implement Before April 18th”

There are still tax savings strategies, for tax year 2016, you can implement before the April 18th tax deadline. Two major opportunities, which I have outlined in further detail below, include contributing to a Health Savings Account, and contributing to an IRA.

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IRS Maps Out New Per Diem Rates - Approved Method for Business Travel

The IRS pays close attention to deductions claimed for business travel expenses. Both employers and employees must meet strict recordkeeping requirements or face the consequences. Fortunately, you can obtain some relief by using IRS-approved per diem allowances in lieu of accounting for every expense. Now the IRS has updated its per diem rates for business travelers in the government’s 2017 fiscal year.

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IRS Allows Self Certified Rollover Waivers - New Waiver Procedure Approved

The penalty for failing to complete an IRA or a plan rollover in time can be severe. Unless you obtain a waiver from the IRS, the transfer is treated as a taxable distribution even if the failure is inadvertent. However, a new ruling provides some taxpayers with relief.

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Seven Timely Tax Moves in 2016 - Strategies for Individual Taxpayers

Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year.

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