Two year end tax updates

First, the IRS has released mileage rates for 2016. The business rate has decreased from 57.5 cents to 54 cents; the moving and medical rate is decreasing from 23 to 19; and the charitable rate will stay at 14 cents.

Second, Congress has come to an agreement on a tax extenders bill. While Congress waiting until the end of the year to pass this bill is nothing new, there’s some good news this time around: many provisions will be renewed for multiple years, and a few (including the increased Section 179 deduction) will be made permanent. It’s important to note that this isn’t a done deal, but many Hill watchers expect the bill to be passed in its present form.

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