January 19, 2016
On January 13, Rep. Devin Nunes (R-CA) introduced H.R. 4377, the “American Business Competitiveness Act” (ABC Act). Key features of the ABC Act are that it would lower the tax rates on business income to 25% or less (with a surtax of up to $5,000 for a corporation with annual net business income over $100,000); allow 100% expensing in the year of purchase; eliminate all business tax credits and most deductions; shift to a territorial tax system; and require all businesses to use the cash method of accounting for tax purposes. According to Rep. Nunes, the bill would “drastically simplify taxes, encourage startups, and create a level playing field for small businesses to compete with larger firms.”
The bill was referred to the Ways and Means Committee.
It’s hard to believe that we are already into July. Even with the deadline for filing your return and making a payment (if you owe) being extended to July 15, 2020, it still seemed like it came upon us fast. With only a few weeks left, be sure to get any final documents to us and answer any outstanding communications immediately.
New gardeners have come out of the woodwork this year, looking to create a sustainable food supply in their own backyards. Of course, not everyone has the space or the time to create a full-on outdoor garden. So, why not start small…and indoors?
It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020: