Due to the current corona virus pandemic the 2019 deadline to file and pay your federal personal and business taxes has been extended to July 15th 2020. This has not extended the deadline for state tax returns including the state of Michigan. If you expect to owe state taxes it is strongly encouraged you continue […]
JD McClure Tax & Accounting
Tax Preparation & Small Business Accounting in Traverse City, Michigan
PHONE | 231.668.9077
FAX | 231.668.9077
EMAIL | McClure@JDMTax.com
FAX | 231.668.9077
EMAIL | McClure@JDMTax.com
Increase in De Minimis Safe Harbor Limit
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
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
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.
Bonus Depreciation is extended through 2019
This incentive is available no matter the size of your business and allows the business to depreciate 50% of the cost of property acquired and put into service in 2015, 2016, 2017 and then phases down to 40% in 2018 and 30% in 2019.