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January 14, 2016

 
Frazer LLP
 
 

Hi There!,

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat. But it had expired December 31, 2014. Now the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) has made the break permanent.

So see if you can save more by deducting sales tax on your 2015 return. Don’t worry — you don’t have to have receipts documenting all of the sales tax you actually paid during the year to take full advantage of the deduction. Your deduction can be determined by using an IRS sales tax calculator that will base the deduction on your income and the sales tax rates in your locale plus the tax you actually paid on certain major purchases.

Questions about this or other PATH Act breaks that might help you save taxes on your 2015 tax return? Contact us in Brea, 714.990.1040 or Visalia, 559.732.4135, or click the button below to schedule an appointment. We can help you identify which tax breaks will provide you the maximum benefit.

Schedule An Appointment


 
 
 
 
Frazer LLP Blog  
Frazer LLP is Now Blogging!

In our continued efforts to provide you with information and resources to help you run your business, keep you informed about tax laws and regulations, and preserve and protect your net worth we started our blog. Here are a few recent posts:

Two Extended Tax Credits for Businesses

2015 Year-End Tax Planning for Contractors

Do You Know Your Dairy’s Numbers?

Tax Credits for Alternative Energy Usage

Be sure to check back on a regular basis for new posts from our Frazer LLP team. And, let us know what you’d like to learn more about!



2015_Web_Tax_Guide-resized.jpg
 
Online Tax Planning Guide

The passing of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) makes various expired tax provisions permanent and extends other expired provisions for up to five years. This makes tax planning more important than ever. To save the most, you need to not only take advantage of every tax break you’re entitled but also be prepared to act quickly if tax legislation is signed into law. This is exactly what our Tax Planning Guide is designed to help you do.

As you look through the guide, please note the strategies and tax law provisions that apply to your situation or that you would like to know more about. Then, call your Frazer LLP tax advisor with any questions you may have about these or other tax matters or click the button below.

Schedule An Appointment


 
 

Frazer LLP | 135 S. State College Blvd., Brea, CA
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