Welcome to 2015! As the new year rolls around, it’s always a sure bet that there will be changes to current tax law. And this year is no different. Here’s a checklist of tax changes to help you plan the year ahead.
Standard Mileage Rates
The rate for business miles driven is 57.5 cents per mile for 2015, up from 56 cents per mile in 2014.
Section 179 Expensing
For 2015, the maximum Section 179 expense deduction for equipment purchases decreases to $25,000 of the first $200,000 of business property placed in service during 2015. The bonus depreciation of 50% is gone, as is the accelerated deduction, where businesses can expense the entire cost of qualified real property in the year of purchase.
Employee Health Insurance Expenses
For taxable years beginning in 2015, the dollar amount is $25,800. This amount is used for limiting the small employer health insurance credit and for determining who is an eligible small employer for purposes of the credit.
Transportation Fringe Benefits
If you provide transportation fringe benefits to your employees, the maximum monthly limitation for transportation in a commuter highway vehicle as well as any transit pass is $130 (same as 2014). The monthly limitation for qualified parking is $250 (same as 2014).
While this checklist outlines important tax changes for 2015, additional changes in tax law are more than likely to arise during the year ahead. We’ll keep you updated as things progress. –Jeff Bronswick, Bronswick Reicin Pollack