Person Huff CPA Group Offers End Of Year Tax Tips
NEW ORLEANS – The Person Huff CPA Group is sharing tips about end-of year tax events and policies:
• 2015 Louisiana Tax Amnesty Program
The 2015 Tax Amnesty Program is the third and final effort permitted by the Louisiana Tax Delinquency Amnesty Act of 2013. After the conclusion of 2015 amnesty, there will be no new amnesty program offered by the Department of Revenue before Jan. 1, 2025.
Louisiana Tax Amnesty 2015 is a one-month period for individual and business taxpayers to bring delinquent tax accounts up to date by clearing unpaid tax bills and filing overdue state tax returns. It is a completely voluntary program that begins on November 16, 2015 at 12:00 a.m. and ends at 11:59 p.m. on December 15, 2015
Amnesty will be granted only for eligible taxes to eligible taxpayers who apply during the amnesty period and who pay or enter into an installment agreement for all of the tax. Taxpayers taking advantage of the 2015 Amnesty program have the opportunity to pay their delinquent amount in installments.
• Year-End Tax Planning: Section 179 Deductions
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/ or software purchased or financed during the 2015 tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. Section 179 is a small business tax incentive that allows you to a deduction of up to $25,000 for the purchases of new and used equipment as well as off-the-shelf software. All businesses that purchase, finance, and/ or lease less than $200,000 in new or used business equipment during tax year 2015 should qualify for the Section 179 Deduction.
• The Importance Of Timing In Business Tax Planning
Maximize your profitability with good tax planning so you won’t be burdened with taxes that could be reduced or even eliminated. Start with looking for ways to push income 2016 while pulling expenses into 2015. Boosting your write-offs, increasing your expenses (including Section 179 deductions) and accounting properly for your business losses during 2015 are all part of a timing strategy that may help lower your tax bill.