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.
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
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or check us out at our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,