2016 Tax Changes

IRS Agrees to Allow Unmarried Couples a Full Deduction for Mortgage Interest

For decades, lawmakers have complained about the“marriage penalty”, which refers to the areas within the Internal Revenue Code (IRC) that tend to favor unmarried couples who cohabitate over those who are married. The marriage penalty just became a lot bigger with the IRS’s agreement to allow a full deduction on mortgage interest for unmarried individuals who are co-owners of […]

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Changes to Research and Development Tax Credit Expands Opportunities

On December 18, 2015, the Protecting Americans from Tax Hikes (PATH) Act was enacted, extending many important tax credits, and making a lot of them permanent. One of the areas in which these changes have the potential to enhance business startup activity is in the Research and Development (R&D) tax credit. Here are the changes

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Businesses Receive Numerous Tax Breaks in 2015 Budget Deal

The end of 2015 brought several gifts from Congress and the President to businesses of all sizes. The 2000 plus page bipartisan budget agreement is full of tax breaks to help businesses in the coming years. Many of these provisions were already on the books, but were about to expire at the end of this

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Tax Changes in December 2015 Budget Deal

Congress and the President recently agreed on a budget bill that keeps the government operating through the end of September 2016. The $1.1 trillion spending package is over 2000 pages long and includes a number of provisions that were priorities for both sides. Along with increases in domestic and defense spending and eliminating a four

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IRS Announces Cost of Living Adjustments for 2016 Tax Year

The IRS recently announced cost of living (COLA) inflation adjustments for over 50 tax provisions, which include pension plans, tax rate schedules and other changes. Because food and fuel are no longer factored into the calculation, the inflation rate is still relatively low, triggering only minor COLA adjustments, with some areas of the tax code

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