Author archives: Mike Hawkins

July 27 , 2016 | Posted by Mike Hawkins |

IC-DISC for Manufacturers and other Exporters

As the global economy grows, many companies are earning income from exporting products outside the United States. There is a hidden gem in the tax law which could save these companies money by simply forming another company to act as an Interest Charge – Domestic International Sales Corporation (IC-DISC).  In simple terms, the primary benefit…

December 17 , 2015 | Posted by Mike Hawkins |

IRS Issues 2016 Optional Standard Mileage Rates

The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54 cents…
August 27 , 2014 | Posted by Mike Hawkins |

Depreciation Limitations for Passenger Vehicles Issued

The IRS has issued the depreciation deduction limitations and lease inclusion amounts for passenger vehicles purchased or leased in 2014. In general, there are two methods for computing vehicle expenses, the standard mileage rate (56 cents per mile for 2014, 56.5 cents per mile for 2013) or the actual expense method. If you use the…

August 9 , 2013 | Posted by Mike Hawkins |

Do Small Businesses Pay the Highest Taxes?

Do small businesses pay the highest taxes? According to a recent study conducted by Quantria on behalf of the National Federation of Independent Businesses, S-Corporations pay the highest effective tax rates of any type of business in the U.S.

So what does this mean for policymakers? What does it mean for small businesses? For policymakers,…

Depreciation changes in tax law are coming

For the past several years taxpayers have received a gift from Congress in the form of accelerated depreciation.  In 2011 as well as part of 2010, taxpayers could write off the entire cost of fixed asset purchases through “bonus” depreciation as long as the taxpayer was the original user of these assets.  In addition, many…

May 15 , 2012 | Posted by Mike Hawkins |

Uncertainty Increases the Need for Tax Planning

Tax planning is an important, and sometimes difficult, process for business owners and high income taxpayers.  In 2012 this process will be especially difficult and likely more important.

The 2012 tax year has begun with many familiar tax regulations in place.  Lawmakers have extended various Bush-era tax cuts through the end of the year.  Other…

March 9 , 2012 | Posted by Mike Hawkins |

Tax Incentives Provide Opportunity

Local, state, and federal tax codes grow increasingly complicated every year. Each level of government has an extensive list of tax incentives designed to reward, encourage, or subsidize specific activities or situations. Businesses and individuals who successfully identify the right incentives often receive substantial benefits. At Cassady Schiller, we are focused on helping our clients…

Tax Act Extends Employment Tax Holiday Through 2012

On February 17, 2012, Congress passed The Middle Class Tax Relief and Job Creation Act of 2012, sending the Act to President Obama to be signed into law. Once signed, the Act will extend the employee-side payroll tax cut (from 6.2% to 4.2%) through the end of 2012. The Act will not change the tax…

January 15 , 2011 | Posted by Mike Hawkins | No Comments

Time to Revisit General Business Credits

In the fall of 2010 Congress radically changed the way that general business credits can be applied for small businesses.  General business credits include the research and development tax credit, the work opportunity credit, the low-income housing credit and many others. In recent years many companies and individuals that qualified for credits were unable to utilize them due to the…