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President Obama Signs Extenders Bill Into Law

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On Dec. 19, President Obama signed into law H.R.5771, the “Tax Increase Prevention Act of 2014” (TIPA). The bill generally provides for a 1-year extension, through 2014, of over 50 expired or expiring individual, business, and energy provisions, many of which have been on the books for years but which technically are temporary because they have a specific end date. More info HERE.

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Just in Time…Senate Approves Tax Extenders Bill

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With just over two weeks left in the 2014 calendar year, the Senate finally made up its mind about the tax extenders bill. The bill, which extends the life of a number of tax breaks through 2014, passed the Senate 76 to 16. Only 60 votes were needed for approval. While the bill is only a temporary fix, it will be welcome relief to many taxpayers as they begin to file their 2014 tax returns.  Here are more details from a report in Forbes.

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House moves toward temporary fix on tax break extensions

The House moved on Monday toward a vote to restore a slew of expired tax breaks, though only through the end of this year.

The vote on a short-term extension, expected as soon as this week, would come after a veto threat from President Obama derailed a developing $400 billion deal between Senate Majority Leader Harry Reid (D-Nev.) and House Ways and Means Chairman Dave Camp (R-Mich.) that would have extended some expired tax breaks indefinitely, as well as others for two years. Read more HERE.

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Happy Thanksgiving!


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Happy
Thanksgiving!

We are thankful for you…Cornucopia cropped

All of us at Scharf Pera & Co., PLLC wish you and your family a very Happy Thanksgiving. We are truly thankful to have your business and sincerely appreciate our client relationships. Between now and year-end, if you have any accounting questions or concerns, please do not hesitate to contact us. Here are a few things you might consider as December 31 quickly approaches:

1. Review your year-to-date tax payments before it’s too late to adjust your tax withholdings or make a Q4 2014 estimated tax payment. Call us if you need help with any analysis.

2. Make sure to send out your charitable gifts or charge them to your credit card by December 31 to get your deduction for 2014.

3. Consider maximizing contributions to your Health Savings Account. Also, maximize your 401K plan contributions, at least up to your employer’s matching percentage, to get the most out of your employee benefits.

4. Organize your receipts and update your travel and mileage logs to maximize your deductions. Did you know there are apps that you can download to your Smartphone to help you keep track of these expenses?

5. Review your year-to-date investment income, including capital gains and losses, to avoid income tax surprises in April.


A quick word about holiday gifts:

Giving holiday bonuses and gifts are generous and can be a great employee morale booster. Keep in mind, however, some gifts are taxable to an employee and others may not be fully tax deductible by the employer. The IRS has a $25 threshhold, therefore you cannot deduct more than $25 for business gifts to each person during your tax year. To fully maximize your tax benefits, consider a discretionary contribution to your 401K plan for your employees. This is fully deductible and is not taxable to your employees.

Thanksgiving Quick Links:
2014-2015 Tax Planning
Guide!
Check out our helpful tax guide for some important tips you need to know to get ready for tax season. Please share
with a friend or colleague.

Butterball Hotline! Make the perfect turkey with these tips from the Butterball folks!

Macy’s Thanksgiving Day Parade! Everything you want to know about this year’s parade!

Scharf Pera & Co., PLLC

4600 Park Road, Suite 112 |Charlotte, NC | 28209
P:704-372-1167 F: 704-377-3259
accountants@scharfpera.com

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IRS Announces 2015 Tax Brackets, Standard Deduction Amounts And More

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The IRS has announced the annual inflation adjustments for a number of provisions for the year 2015, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. These numbers are not what will be used to prepare your 2014 tax returns in the first quarter of 2015. Rather, they become effective January 1, 2015 and will be used for your returns filed in 2016. Forbes did a pretty good job of hitting all the highlights in an article you can find HERE.  As always, if you have any questions, don’t hesitate to give us a call.

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Our Free 2014-2015 Tax Guide is Now Available

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It’s that time of year again– time to start thinking about taxes. Scharf Pera & Co., PLLC is making it easier this year with our extensive 2014-2015 Tax Planning Guide. It’s free and provides all the information you need regarding new changes, strategies for individuals, businesses and investors, and even some future planning tips. Download it now by clicking the link on our home page HERE.

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