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Standard Mileage Rates
The standard mileage rates in 2016 are as follows: 54 cents per business mile driven, 19 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.
Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $52,000 (adjusted annually for inflation) in 2016.
In 2016 (as in 2015 and 2014), the tax credit is worth up to 50 percent of your contribution toward employees’ premium costs (up to 35 percent for tax-exempt employers). For tax years 2010 through 2013, the maximum credit was 35 percent for small business employers and 25 percent for small tax-exempt employers such as charities.
Section 179 Expensing and Depreciation
The Section 179 expense deduction was made permanent at $500,000 by the Protecting Americans from Tax Hikes Act of 2015 (PATH). For equipment purchases, the maximum deduction is $500,000 of the first $2.01 million of qualifying equipment placed in service during the current tax year. The deduction is phased out dollar for dollar on amounts exceeding the $2 million threshold amount (indexed for inflation) and eliminated above amounts exceeding $2.5 million. In addition, Section 179 is now indexed to inflation in increments of $10,000 for future tax years.
The 50 percent bonus depreciation has been extended through 2019. Businesses are able to depreciate 50 percent of the cost of equipment acquired and placed in service during 2015, 2016 and 2017. However, the bonus depreciation is reduced to 40 percent in 2018 and 30 percent in 2019. The standard business depreciation amount is 24 cents per mile.
Please call if you have any questions about Section 179 expensing and the bonus depreciation.
Work Opportunity Tax Credit (WOTC)
Extended through 2019, the Work Opportunity Tax Credit has been modified and enhanced for employers who hire long-term unemployed individuals (unemployed for 27 weeks or more) and is generally equal to 40 percent of the first $6,000 of wages paid to a new hire. Please call if you have any questions about the Work Opportunity Tax Credit.
SIMPLE IRA Plan Contributions
Contribution limits for SIMPLE IRA plans increased to $12,500 for persons under age 50 and $15,500 for persons age 50 or older in 2016. The maximum compensation used to determine contributions increases to $265,000.
Please contact the office if you need help understanding which deductions and tax credits you are entitled to.
Need a load and can’t get to a computer? No problem. We’ve created a new mobile app to replace the mobile version of the load board, so now you can find loads faster and easier with your smartphone. Android users can download DAT Load Board for Truckers, which is free for all DAT subscribers.
The Android app is included with your DAT Power, Express, TruckersEdge, or MembersEdge account. It gives you access to all the same loads you find with your current load board subscription, but now you get the most advanced tools for owner-operators, carriers, and dispatchers all on your smartphone. Just download the app from the Google Play Store, log in with the same info you use for your DAT subscription, and search for loads from the palm of your hand.
NOTE: The load board app is not yet available for iPhone or iPad.
With DAT Load Board for Truckers, you get easy-to-use tools that you can’t find with any other load board app.
The mobile app gives you full access to every load on the DAT Network, so you can find freight for dry van, reefer, flatbed, LTL, hot shot, power only, stepdeck, and much more.
Download DAT Load Board for Truckers in the Google Play Store. Not already a DAT customer? Contact us today to get access to more than 95 million loads posted to DAT Load Boards every year. NOTE: DAT Load Board for Truckers is not available yet for iPhone or iPad.
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