In This Issue
Set Your Salary at a Reasonable Level.
Deducting and Capitalizing Business Expenses:
Buying a Business Vehicle Before Year End May Reduce Your 2014 Tax Bill
New Standard Mileage Rates Now Available
A GilbertFIT Case Study
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In the News

Tax Increase Prevention Act Provides 2014 Relief

 

On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. The bill is pending the President's signature, and  if signed it will extend through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013.


 

Several of these provisions can produce significant savings for taxpayers on their 2014 income tax returns, but quick action (before Jan. 1, 2015) ...(Read More)

 


 


 

"Our needs have varied over the last 30 years of our relationship and the Gilbert team has always met the challenge! I can relax because they "got this!"

- Laraine Patching
DECEMBER 2014
 

The IRS has issued long-awaited regulations on deducting and capitalizing business expenses to acquire, produce, or improve property. The regulations explain when those payments can be deducted, which advises an immediate tax benefit, and when they must be capitalized. We break down the confusing and lengthy regulations and give summary explanations on nine issues of deduction and capitalization. 

Is it time to replace a business vehicle or add more business vehicles to your existing fleet? If you know that you will be doing so in the near future, it might be wise of you to make the purchase before year-end. If the new vehicles meet certain requirements, you might be able to expense, rather than depreciate over a period of years, some or all of the vehicle's cost

If you need further explanation of any topics in this issue, don't hesitate to give us  a call. We are here for you! 

 
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Deducting and Capitalizing Business Expenses: 
Final Regulations Have Been Issued by the IRS

  

If you're looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, which allows you to expense, rather than depreciate over a period of years, some or all of the vehicle's cost.

 

The normal Sec. 179 expensing limit generally applies to vehicles weighing more than 14,000 pounds.  As of December 16th, the House and Congress have passed tax extenders to...(Read More)

Buying a Business Vehicle Before Year End May Reduce Your 2014 Tax Bill

 

If you're looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, which allows you to expense, rather than depreciate over a period of years, some or all of the vehicle's cost. 
 

The normal Sec. 179 expensing limit generally applies to vehicles weighing more than 14,000 pounds. The limit for 2014 is $25,000, and the break begins to phase out dollar-for-dollar when total asset acquisitions for the tax year exceed $200,000. These amounts have dropped significantly from their 2013 levels.... (Read More)

New Standard Mileage Rates Now Available
Business Rate to Rise in 2015

The Internal Revenue Service has issued the 2015 optional standard mileage rates that are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
 

January 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:.. (Read More)

A GilbertFIT Case Study - CSG Needs Access to Experience Accounting Experts

 

The Problem:

Conservation Strategy Group's (CSG) has a rock-solid administrator who knows their business inside and out but isn't a trained accountant. While she had knowledge of QuickBooks, she still wasn't comfortable that she was doing everything the right way. The anxiety and stress was even more pronounced because there was no one to turn to for help in her office. Then, her IT consultant recommended Gilbert and the GilbertFIT solution for accounting support...(Read More)