A Review of
2015 Tax Provisions
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.
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
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
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.
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
Fidelity is the custodian for more
retirement plans than any other custodian in the United
Let Sullivan & Company Analyze Your Asset Allocation
& Risk Tolerance for FREE!
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
Financial Services at Sullivan & Company, CPAs
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.
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
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
Regards, Paul Sullivan, CPA
President, Sullivan & Company