J.D. McClure Tax Tips, News & Updates

Increase in De Minimis Safe Harbor Limit

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Effective January 1, 2016 the IRS has increased the de minimis safe harbor limitation from $500 to $2,500 for a taxpayer without an AFS (Applicable Financial Statement). This means small business have the option to expense items or invoices under the $2,500 limit instead of capitalizing them over multiple years. For taxable years beginning before […]

ACA adds to your return complexity

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Due to the Affordable Care Act congress has added an additional form which will be required to file your taxes. Keep an eye out for the following: 1095-A -If you purchased health insurance through the marketplace -B -If your Employer is providing healthcare coverage. 1095-C -If you purchased your health insurance through a third party […]

Section 179 gets permanently extended

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Congress has passed the bill which permanently enable small businesses to deduct up to $500,000 in business investments in machinery and equipment instead of depreciating it over its useful life. This was limited to $25,000 in prior years.