1204 16th Ave. South, Nashville, TN, 37212
Dodd, Drennan, & Associates, PLLC
1204 16th Ave. South Nashville, TN 37212
Donations made before December’s end are tax deductible for 2015. Appreciated stocks may also be donated to a charitable or nonprofit organization to avoid capital gains taxes.
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Cari Norris Riffe, Owner, NAS & Associates
PACT Act of 2015 Impact on Tax Planning in Tennessee
The Protecting Americans from Tax Hikes Act of 2015 was signed into law on December 18, 2015. After being extended several times in past years, the new law makes the state and local sales tax deduction for Tennesseans (and other residents of states without income tax) permanent.
Tax Planning - How the PACT Act Helps You:
When filing your taxes for the 2015 tax year, Tennesseans can deduct the larger of the TN Hall Income Tax, or state and local sales taxes. These deductions may be taken as part of your itemized deductions on Schedule A of Form 1040.
Though Tennessee does not tax wages, it does tax certain interest and dividend income in excess of $2,500 for married individuals and $1,250 for single individuals. This is the TN Hall Income Tax, which affects a small amount of Tennesseans.
By permanently extending the state and local sales tax deduction, it gives each individual Tennessean a deduction for taxes that they otherwise would not have. Local sales taxes combined with Tennessee’s statewide sales taxes of 7% increases the total price of most items by almost 10%. These combined expenses in addition to federal taxes and expenses often leave families with less to spend or save as they please. The relief offered by the this extension may benefit many residents of the state, as deducting state and local sales tax from federal returns may result in a lower federal income rate.
How to Calculate the Tax Deduction
There are two ways in which to calculate the state and local sales tax deduction.
1. First, a taxpayer may track their actual sales tax paid for the year.
2. Second, because most people do not want to keep track of the actual sales tax paid, they may base their deduction on the sales tax tables provided by the IRS. These tables are based on your adjusted gross income plus nontaxable income. In addition to the amount allowed by the tables, taxpayers can deduct additional actual sales tax paid on the purchase of motor vehicles, boats, airplanes, homes (including mobile and prefabricated) or home building materials.
Need tax help? Look no further!
If you have questions or need any assistance with your taxes in the 2015 tax season, please don’t hesitate to call Dodd, Drennan & Associates, PLLC. We are well-versed in federal and Tennessee tax regulations and procedures. We are happy to assist our clients in saving more, ensuring taxes are filed correctly, and otherwise navigating the many complications of tax laws and procedures.
Give us a call at 615-322-9600 or email us at info@DoddDrennan.com!
About Dodd, Drennan, & Associates:
Emphasis in Taxation
We are a local CPA firm with an emphasis in taxation. By tax, we mean all aspects of the taxation field. We provide our clients assistance with various federal, state, and local business tax filings. We also do a great deal of planning to assist with quarterly tax estimate requirements and year end planning strategies.
Expertise Through Education & Experience
For us, being "better" means delivering the highest level of service possible. We give solid advice based on years of experience in countless tax scenarios. We expertly handle all aspects of tax from individuals, partnerships, and corporations to estates, trusts, and non-profit organizations. Because we focus solely on tax and tax planning, our clients enjoy a supreme level of confidence in our proficiency regarding applicable tax laws, procedures, and policies.
While we service an array of individuals and businesses, our clients are heavily concentrated in the entertainment industry. Our firm handles the tax concerns of many artists, writers, musicians, and recording studios.
Dodd, Drennan & Associates has proudly served the Nashville area for more than twenty-eight years. We love our work. We bring a great deal of experience and knowledge to the table. Client service is our top priority.
Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality.
Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention.
Our high standards, service and specialized staff spell the difference between our outstanding performance, and other firms. We make sure that every client is served by the expertise of our whole firm.
Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies.
To see a listing of our services, please take a moment and look at our services page. Because we get new business from the people who know us best, client referrals have fueled our growth in the recent years.
Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly.
An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves.
Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you.
We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients.
Our high service quality and "raving fan" clients are the result of our commitment to excellence.
We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.
Meet Our Team:
Dodd, Drennan & Associates, PLLC is a full-service Certified Public Accounting firm licensed in TN. All our CPA's hold valid TN State CPA Certificates.
Melinda S. Drennan
Certified Public Accountant
Melinda joined Michael T. Dodd, CPA in 1993, and she became a partner of Dodd & Taylor, PLLC, now Dodd Drennan & Associates, PLLC in 2002. Melinda graduated from Murray State University with undergraduate degree in Accounting and Masters in Business Administration.
Melinda is a member of the National Association of Certified Valuation Analysts ( NACVA ) and the American Society of Certified Public Accountants ( AICPA ). In addition, she is a member of the Music City Chapter of the Accounting and Financial Women's Alliance, ( AFWA ) and Estate Planning Council of Middle Tennessee ( NAEPC ), and serves as Treasurer and board member of SOURCE Nashville .
Services For Individuals:
- Personal Financial Planning
- Business Valuation
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- Tax Preparation
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