Tax Newsletter – January 2016

The HoganTaylor LLP Tax Team is excited to present the January 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:

Deducting Taxes Paid

Taking the time to itemize deductions can be a tax saver. If your itemized deductions exceed the standard amounts, you’ll generally come out ahead by listing them on Schedule A of Form 1040. Read More

Deducting IRA Contributions

The deadline for 2015 IRA contributions is April 18, 2016. Workers and their spouses who were under age 70½ at year-end 2015 can each contribute up to $5,500, or $6,500 for those 50 and older. For traditional IRAs, income limits don’t apply. Read More

Going Outside to Sell Your Company

For business owners who are seeking a successor, the right person might be obvious. If you have a co-owner or partner, a buy-sell agreement can set the terms; if a younger family member is willing and able, you can decide on a way to transfer control. Otherwise, there may be a key employee who’s a logical candidate—or you might hire someone to take over eventually. Read More

Economic News – Federal Reserve Decision

In December, the Federal Open Market Committee (the FOMC) of the Federal Reserve (the Fed) decided to raise the target range for the federal funds rate by ¼ of a percentage point, bringing it from ¼ percent to ½ percent. The federal funds rate is the interest rate that banks charge to lend reserves to each other in the federal funds market. Read More

Applicable Federal Rates for January

The Section 7520 rate for January 2016 is 2.2%, while the Applicable Federal Rates (AFRs) are as follows (Rev. Rul. 2016-1, 2016-2 IRB). Read More

Tax Calendar

Find out what tax deadlines are approaching in January and February of 2016. Read More