Blog
COSO: Internal control a challenge with outsourced providers
The very name “internal control” poses a problem for companies when they deal with outsourced providers. This internal responsibility for external functions has become one of the biggest challenges for companies in the 2013 update of the widely used internal...
Be Sure to Deduct All the Mileage You’re Entitled To
You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The rates vary depending on the purpose and the year: Business: 56 cents (2014), 57.5 cents (2015)...
The Manufacturers’ Deduction – It’s Not Just for Manufacturers
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that...
Annual Estate Plan Check-up
Have you had your annual estate plan check-up? An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your...
Random Acts of Kindness
We Are Thankful for YOU! We want to thank you, our clients and friends for a wonderful 2014. As the year draws to a close, we are celebrating you, with gifts to those in need around our community, in your honor. Thank you to all of the groups involved in our...
Review Gains and Losses Now to See if Action Can Save 2014 Taxes
Appreciating investments that don’t generate current income aren't taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31...
Buying a Business Vehicle Before Year End May Reduce Your 2014 Tax Bill
If you’re looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, which allows you to expense, rather than depreciate...
What’s New at Nichols
Technology Electronic Tax Organizers This year, the firm will be securely sending tax organizers to selected clients. The electronic tax organizer is the same document you are already familiar with, just sent via email. You have the option of completing the...
Will the Lame-duck Congress Revive Expired Tax Breaks for 2014?
With the midterm elections now behind us and control of the U.S. Senate set to shift parties in January, it’s time to revisit the valuable tax breaks that expired at the end of 2013. Will the lame-duck 113th Congress revive any of them for 2014? Or will nothing...