As we head into the last quarter of 2015, it’s time to take a look at what is happening on the federal level that may impact the deductions and credits for you or your business. 

Below is a list of some of the most significant tax provisions affecting individuals and businesses that expired on 12/31/14.  It is quite possible that Congress will extend some, or all, of these through the end of 2015.  However, as of the current date this has not yet been done.  We may not know conclusively about the fate of these provisions until much later in the year.

With each passing year, additional states are considering legalizing the sale of marijuana for medical and/or recreational purposes.  Ohio is among those states considering legalization, with the issue up for vote on the upcoming November ballot. 

While state law is becoming more and more accepting of the idea, the act is still prohibited under federal law.  As one can imagine, this can create some interesting tax issues. 

Related read: How to Deduct Expenses Related to Personal Property