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Archive for the ‘2016 Tax’ Category

Luxury auto depreciation limits announced for 2016

The IRS recently issued the depreciation limits for business vehicles you buy and place into service this year. For cars, if 50% bonus depreciation does not apply, the first year limit is $3,160. If bonus depreciation applies to a business car, the first year limit is $11,160. […]

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Three Tips to Start the Tax Filing Season

Check whether your children need to file a 2015 tax return. They’ll need to file if wages exceeded $6,300, self-employment income was over $400, or investment income exceeded $1,050. When income includes both wages and investment income, other thresholds apply. Consider whether you’ll contribute to a Roth […]

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Filing deadline extended in 2016

Next year, taxpayers will get a few extra days to file their 2015 income tax returns. The District of Columbia will be observing Emancipation Day on April 15, 2016, the usual filing deadline. Because April 16 and 17 fall on a weekend, the 2016 filing deadline is […]

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