Tax Season is coming

1040+ Quality Tax Preparation & Financial Services 281-397-7777 Fax 281-397-7443 November 9, 2015 Tax season 2015 is just around the corner As you begin year-end planning, keep in mind that some tax breaks you may have benefitted Educator expense deduction. If you're a teacher or other eligible educator such as an aide or a principal, this above-the-line deduction would let you subtract $250 of qualified unreimbursed expenses. Those are expenses you paid or incurred for books, supplies, computers and other equipment, and supplementary materials that you use in the classroom. If you spent a lot more than $250 you should deduct your unreimbursed expenses below the line on form 2106. State and local sales taxes. This itemized deduction gave you the option to deduct state and local sales taxes instead of state and local income taxes. Deduction for qualified tuition. This was an above-the-line deduction of up to $4,000 for qualified tuition and related expenses. Charitable distributions from your IRA. This break let you exclude up to $100,000 from your income for donations paid directly to a qualified charity from your IRA if you were age 70½ or over. Bonus depreciation. This special depreciation allowance would let you deduct up to 50% of the cost of qualifying property in the year of purchase. Enhanced Section 179 expensing. While you can still elect to immediately expense up to $25,000 of business assets that you purchase and place in service during 2015, the increased expensing limit of $500,000 is not currently available. Give us a call for the most up-to-date news on these tax breaks and other tax legislation. 1040 + Quality Tax Preparation & Financial Services Joseph C Becker Ten Forty plus Quality Tax Preparation & Financial Services www.tenfortyplus.com 281-397-7777, Fax 281-397-7443 joeb@tenfortyplus.com