Remind U.S. clients about tax changes

As U.S. small businesses and taxpayers prepare their 2015 tax returns, remind them of changes to the tax code.

“From an update in the mileage reimbursement rate to investment contributions to changes in the ACA, now is the time to make sure you have the information you need,” says Keith Hall, president and CEO of the National Association for the Self-Employed. “And don’t forget to be creative. If you have a kid at home, under age 18, who helps in your business, create a job and you can save over $2,400 in taxes for money that you are already giving them anyway.”

Here are some of the changes.

• A streamlined, standard home office deduction available. Read more. Also read these six tips.
• The standard mileage rate for business use of an automobile has changed to 56 cents per mile (57.5 cents for 2015). Read more.
• Limits for retirement plan contributions such as IRAs and 401(k) plans have increased. Read more.

Also read:

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.