With the outcome of Congressional action as uncertain as ever, what can be done to manage your own affairs as the 2015 tax year winds down? Included here are a number of areas for possible year-end review and tips to make your charitable giving more effective. There is also a recap of key tax code provisions that expired in 2014, but may still impact your 2015 taxes.
Looking for something to talk about at the next family gathering? Consider sharing a quick, fun quiz regarding an iconic reindeer with a big shiny red nose.
Should you wish to review your situation please call. Also feel free to forward this newsletter to someone who may benefit from this information.
Tis the Season…for Review
As 2015 winds to a close, there are a number of tasks that should be reviewed. To help you plan accordingly, here are some things to consider. | |||||||||||
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Be a Better Charitable Giver
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As part of your holiday season of giving, consider giving to a favorite charity. It can also serve as part of your year-end tax planning. |
The ”Special” Reindeer Quiz
As the holidays approach, we will quickly be flooded with holiday specials, iconic movies and lit-up everything. As you sit around the fire staying warm, consider your knowledge of that iconic reindeer who guided Santa’s sleigh on a stormy winter night. | |||||||||||||||||||
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Déjà vù All Over Again
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Educator’s $250 tax deduction If you are a teacher and have out-of-pocket expenses please keep your receipts. You may be able to deduct up to $250 of qualified expenses even if you do not itemize deductions. |
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State sales tax itemized deduction option Keep receipts of any large purchases. The sales tax provision allows for you to take either a general sales tax deduction or a state income tax deduction as an itemized deduction. |
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Direct contribution from retirement accounts for qualified seniors In 2014, qualified seniors who donated funds directly from their retirement plan could exclude the plan withdrawal from income. Hold off using this technique in 2015 until you receive confirmation from Congress this tax law is extended. |
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Itemized deduction for mortgage insurance premium costs Keep your mortgage insurance documentation for a potential itemized deduction. |
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Changes in small business depreciation Through late November, 2015 there is no longer bonus first year depreciation. In addition, Section 179 amounts are greatly reduced from $500,000 in qualified assets to $25,000. Even if the law changes, you have little time to purchase and install equipment. Please plan accordingly. |
If other late law changes impact you, rest assured those changes will be applied to your tax return as they become known.
Note: Special thanks to the late Yogi Berra, baseball great, for our article headline. |
As always, should you have any questions or concerns regarding your situation please feel free to call.
This newsletter is provided by
R.D.M. Tax Service & Notary Public
47865 Stillwater Drive
La Quinta, CA 92253-7119
Office: 415.285.5384
Office: 760.564.1408