IRS Increases Tangible Property Expensing Threshold to $2,500

Posted on January 14th, 2016 by David Tepper | No Comments

Small business gets a filing and recordkeeping tax break, as the de minimis safe harbor property expensing threshhold gets raised from $500 to $2,500, for tax years beginning after January 1, 2016. This means that businesses will on an annual basis now be able to make the safe harbor election to expense all acquisitions of

2016 Standard Mileage Deduction Rates for Business, Medical and Charitable mileage Announced

Posted on January 14th, 2016 by David Tepper | No Comments

The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile