Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080

       

 

 

 

 

 

 

Other Articles

Click here to review


This Month's Feature Articles


-  2015 Tax Provisions for Individuals: A Review
 

- 2015 Tax Provisions for Businesses: A Review
 

- Employee or Independent Contractor - Which Is It?
 

- MyRA Now Available for Eligible Workers
 

Tax Tips

 

- Retirement Contributions Limits Announced for 2016
 

- Six Tips for Year-End Gifts to Charity
 

- Take Retirement Plan Distributions by Dec. 31
 

- Health Flexible Spending Arrangements in 2016



 

 

 

A Review of 2015 Tax Provisions
For Businesses


 

Whether you file as a corporation or sole proprietor here's what business owners need to know about tax changes for 2015.

 

Whether you file as a corporation or sole proprietor here's what business owners need to know about tax changes for 2015.

Standard Mileage Rates

The standard mileage rates in 2015 are as follows: 57.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.

Health Care Tax Credit for Small Businesses

Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $51,600 (adjusted for inflation).

In 2015 (as in 2014), the tax credit is worth up to 50 percent of your contribution toward employees' premium costs (up to 35 percent for tax-exempt employers). For tax years 2010 through 2013, the maximum credit was 35 percent for small business employers and 25 percent for small tax-exempt employers such as charities.
 

Section 179 Expensing

An extension for increased limitations for Section 179 expensing along with an extension of the bonus depreciation was included in HR 5771, Tax Increase Prevention Act of 2014, which was signed into law last year, on December 31, 2014 but expired at the end of 2014 and has not been extended.

 


As such, in 2015 the maximum Section 179 expense deduction for equipment purchases is $25,000 of the first $200,000 of certain business property placed in service during the year. The bonus depreciation of 50 percent for qualified property that exceeds the threshold amount is no longer available. Please call us if you have any questions about Section 179 expensing and the bonus depreciation.

Work Opportunity Tax Credit (WOTC)

An extension for the WOTC was included in HR 5771, Tax Increase Prevention Act of 2014, but expired at the end of 2014 and has not been extended.


 

DID YOU KNOW that Sullivan & Company manages Pension Funds, Retirement Plans & Taxable Accounts through Archer Investment Corporation & Fidelity Investments for our clients.
Fidelity is the custodian for more retirement plans than any other custodian in the United States.


Let Sullivan & Company Analyze Your Asset Allocation & Risk Tolerance for FREE!
Call 301-657-8080 today!



SIMPLE IRA Plan Contributions

Contribution limits for SIMPLE IRA plans increased to $12,500 for persons under age 50 and $15,500 for persons age 50 or older in 2015. The maximum compensation used to determine contributions increases to $265,000.

Please contact the office if you need help understanding which deductions and tax credits you are entitled to.

Need assistance? Help is just a phone call away at 301-657-8080.
 


 


 

    Financial Services at Sullivan & Company, CPAs

Paul Sullivan leads our Financial Services Division and is here to help you navigate your financial future. As an Investment Advisor Representative, he is able to provide an independent opinion on the investments you already own or are considering buying.

 

We can structure a portfolio based on your risk tolerance or we can help you decide how to invest in your company 401(k) plan. We work with each client to identify their concerns and to provide solutions according to their situation.

Paul is also experienced in company retirement plans. If you own a business that does not have a plan; we can discuss your options and set up a plan that fits your company.

 

If your business already has a plan; we offer a free evaluation of the plan to ensure that it is up to date and working well for you and your employees.

Our goal is to provide personal, unbiased and independent advice to help you make well-informed decisions about your financial life and investments.

Contact Paul Sullivan or Jordana Para to set up a free initial consultation (301) 657-8080.

And as always if you have any questions about accounting or investments and how they effect you or your business, please give us a call. We can help guide you in the right direction.

 


 

Remember you can call our offices if you have any questions about these or any other accounting, tax, financial planning or insurance related issues, at 301-657-8080. 

 

Regards, Paul Sullivan, CPA

President, Sullivan & Company

 

 

 

 

Sullivan & Company, CPAs | 4709 Montgomery Lane | Bethesda, MD 20814 www.eSullivan.net | email: pSullivan@eSullivan.net | Connect With Me on Linkedin

Direct: 240-316-3531 | Main no.: 301-657-8080 Ext 102 | Fax: 301-657-9055