2014

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Challenging Tax Environment

challenge

Taxpayers and their advisers engaged in year-end tax planning for 2015 are challenged by the uncertain fate of “extender legislation.” In previous years, a number of “temporary” tax rules, i.e., those having a termination date specified in the Code, routinely were extended for one or two years, but this year, Congress has yet to act on a host of important provisions that expired at the end of 2014. Some or all of these expired provisions may be retroactively reinstated, thereby opening up some truly last minute year-end tax planning opportunities, but there’s no way of knowing if that will take place.
The tax breaks that expired at the end of 2014 include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the line- deduction for qualified higher education expenses; tax-free IRA distributions for charitable purposes by those age 70-1/2 or older and the exclusion for up-to-$2 million of mortgage debt forgiveness on a principal residence. For businesses, tax breaks that expired at the end of last year and may be retroactively reinstated and extended include: 50% bonus first year depreciation for most new machinery, equipment and software; the $500,000 annual expensing limitation; the […]

By |2020-09-03T20:05:20+00:00December 1st, 2015|tax|0 Comments

Tax Savings Still Available for “Heavy” Trucks and Vans

As you know, unfavorable depreciation rules apply to most passenger autos and light trucks used in business. For a vehicle acquired in 2014, depreciation deductions are generally limited to the following amounts:

 

Cars

 

Light Trucks and Vans

Year 1

       $  3,160

      $   3,460

Year 2

           5,100

           5,500

Year 3

           3,050

           3,350

Year 4 and thereafter

           1,875

           1,975

 

If the business use percentage is less than 100% (which is often the case), your deductions are even smaller. You must multiply the above numbers by the business percentage.

Exception for Certain Trucks and Vans. Certain trucks and vans qualify for much more favorable depreciation rules. The key here is finding a vehicle that is not considered a “passenger auto” under the tax rules. According to IRS regulations, a truck […]

By |2020-09-03T20:05:42+00:00November 10th, 2014|tax deductions, Uncategorized|0 Comments

Linkenheimer 35th Annual Golf Tournament 2014

We’d like to thank everyone who spent the day with us on the course again this year. It’s the people that make this event a success. At Linkenheimer, we’ve always said People are our greatest asset. And that statement doesn’t just apply to our employees and staff. It includes our clients, family and friends. They all make up the driving force behind our firm. This tournament is our way of saying THANK YOU for your relationship with us and your support along the way. We look forward to seeing everyone out there on the course again next year!

By |2020-09-03T20:05:45+00:00October 13th, 2014|Community, golf, Team Building|0 Comments

Linkenheimer Voted Best Place to Work in North Bay for 2014

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Best Places to Work 2014: Linkenheimer LLP CPAs & Advisors

Four-time winner

By James Dunn, Business Journal Staff Reporter

SANTA ROSA –  “We’re going fly fishing,” said Michael  Musson, partner at Linkenheimer LLP CPAs & Advisors since 1989. “We really work as a team. … There are no team-building sessions. It’s a great crew with a lot of cohesiveness.  If there’s a ditch to dig, everybody picks up a shovel.”

The company sponsors a golf tournament every September to get together as a group.

“If we hit our numbers, we have a bonus trip every year,” Mr. Musson said. “Last year was Nicaragua.” This year is likely to be a trip to Mexico.

“John Jones (managing partner) is an extremely ethical, non-judgmental, even-keeled guy,” Mr. Musson said. “All of that trickles down to everybody. He has a family and hobbies.”

Mr. Jones encourages the company’s 20 employees to have balanced lives. “I have worked for people who had families but didn’t acknowledge them,” Mr. Musson said. He worked until 10 every night and felt pressured. […]

By |2020-09-03T20:05:46+00:00September 26th, 2014|best place to work, charity, Community|0 Comments
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