Five-Minute Tax Briefing® July 28, 2015 – No. 2015-14 Applicable Federal Rates for August: The Section 7520 rate for August 2015 is 2.2%, while the Applicable Federal Rates (AFRs) are as follows (Rev. Rul. 2015-16, 2015-31 IRB): Annual Semi-annual Quarterly Monthly Short-term (≤ 3 years) 0.48% 0.48% 0.48% 0.48% Mid-term (> 3 years but ≤ 9 years) 1.82%...
Read More
1,000 golf balls will be dropped from a helicopter and $9,000 in prize money will be given away to those whose golf balls are closest to the pins. Proceeds will benefit Hospice and The Resource...
Read MoreHealth Savings Accounts (HSAs): HSAs allow eligible individuals to make deductible contributions that can be withdrawn tax-free later to reimburse the individual for eligible medical expenses. For 2016, the limitation on HSA deductions is $3,350 for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $6,750 for an individual with...
Read MoreIRS Promoting Small Business Week: The IRS is spotlighting educational products for small business owners and self-employed individuals. The products include webinars and videos on topics including: (1) business use of your home, (2) avoiding the biggest tax mistakes, (3) depreciation basics, (4) child and daycare provider tax compliance, and (5) navigating the...
Read More