Tax Changes Passed by Congress: Do They Affect You?

Tax laws and codes change frequently. When you’re not aware of these provisions – or understand how they might influence your tax situation – there’s a chance you’re leaving money on the table come tax time. That’s where we come in. You can count on our many years of experience, education and current knowledge of tax laws.

Take Section 179 for example. Enacted to help small business owners, Section 179 is a tax deduction that allows business owners to deduct equipment purchases. In January, the limit was reduced to $25,000 and no accelerated depreciation was available for 2015. However, Congress recently restored Section 179 limits to $500,000 in equipment purchase deductions for a tax year, while also making a $2 million threshold on asset purchases using the 179 deduction permanent.

Here’s another change to consider. Do you have significant medical expenses and own a small business? If so, you may qualify to make your medical expenses a business expense under Section 105. Section 105 “of the Internal Revenue Service regulations allows for reimbursement of medical expenses under an employer-sponsored health plan.” There are a variety of types of Section 105 plans, and we’re available to review them with you to determine which would be most beneficial to your financial situation and business. Schedule a meeting with us to review your medical expenses and business structure to get paperwork in order now and be ahead of the game when tax time rolls around.

Tax laws and health insurance are two complex systems. That’s why it’s important to rely on expert knowledge to help you make sound financial decisions in these arenas. Do you qualify for the Health Insurance Premium Tax Credit? If you’re unsure, we can help. If you do qualify, are you using this tax credit? If not, should you be using this tax credit? We can review scenarios with you to determine what makes sense for your individual situation.

These are a few points that are noteworthy at this time, but tax laws are frequently adjusted. When you partner with our firm to manage your tax preparation, you can benefit from our knowledge and remove the burden of staying informed on tax matters. Let us guide you through changes and work alongside you to make the best decisions for your personal and business taxes. Contact us at (913) 888-9100 for an appointment today!