President Obama Signs “Tax Increase Prevention Act of 2014”
Here’s a list of the key individual and business provisions that have been extended and may affect you or your business:
- Section 179 expense for new equipment purchases restored to $500,000
- 50 per cent bonus depreciation for new asset purchases
- Credit for nonbusiness energy property
- Above the line deduction for qualified tuition and related expenses
- Above the line deduction of $250 for teacher expenses
- Premiums for mortgage insurance deductible as qualified residence interest
- The provision that permits tax-free distributions to charity from an individual retirement account (IRA) of up to $100,000 per taxpayer per tax year, by taxpayers age 70 1/2 or older
Our company has been a client of Snyder and Company for many years. As a small business we find that receiving monthly financial statements in an accurate and timely manner is critical to our planning and decision making process. Their general business advice is very helpful in plotting a course for future business plans. Tax returns and tax planning is done in a professional and timely manner.
I would recommend Snyder and Company to any small business owner looking for professional accounting services.