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Tax Newsletter – February 2016

The HoganTaylor LLP Tax Team is excited to present the February 2016 edition of our eNewsletter. Our newsletter is designed to help you keep up with the latest tax issues.

We’ve designed the newsletter to be read in quick chunks–knowing that leisurely reading time is a luxury for most of you. We’ll also always have the content on our site so that you can refer to it later.

As always, please do not hesitate to contact a member of the HoganTaylor Tax Team with any questions you may have regarding these subjects. Additionally, we welcome any thoughts or ideas you may have for future newsletter topics.

In This Issue:

Portability in Estate Planning

The federal estate tax exemption for deaths in 2016 is $5.45 million. Married couples may be able to pass twice that amount—$10.9 million—to their heirs without triggering estate tax. Some planning is necessary to reach the higher level, but a relatively new tax code provision, known as portability, can simplify the process. Read More

Deducting Interest Paid

Among the itemized deductions on Schedule A of Form 1040, you’ll find “Interest You Paid.” As you get your records together for tax preparation, you should realize that not all interest can be deducted on your return. Interest you paid last year on credit card debt generally isn’t deductible, for example. Read More

The IRS May Put You on Hold

During the tax preparation season, business owners, individual taxpayers, and CPAs may have questions for the IRS. If you need to call the agency, be prepared for a long wait. Increased tax code complexity plus budget cuts have resulted in frustrating experiences for many callers. Read More

Applicable Federal Rates for February

The Section 7520 rate for February 2016 is 2.2%, while the Applicable Federal Rates (AFRs) are as follows (Rev. Rul. 2016-4, IRB 2016-6). Read More

Tax Calendar

Find out what tax deadlines are approaching in March of 2016. Read More