Manufacturing is a highly valued industry in the United States.
That may be a factor why there are so many tax benefits for the industry.
Whatever the reason, the fact remains – there are a lot of very helpful tax benefits for manufacturers.
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If you itemize deductions, consider accelerating some deductible expenses into 2015. This strategy could produce a tax benefit if you expect to be in the same or a lower tax bracket in 2016.
An easy deductible expense to prepay is your mortgage bill on your primary residence or vacation home due on January 1, 2016. Paying your January bill in December will give you 13 months’ worth of deductible interest in 2015.
Warning – if you prepay your mortgage in 2015, you'll have to continue the policy for 2016 and beyond. Otherwise, you'll have only 11 months’ worth of interest in the year you stop.
Topics: Individual tax planning
