Tag Archives: Depreciation

IRS Unveils Procedures For Expensing, Bonus Depreciation And More Under PATH Act

The IRS has released guidance related to Code Sec. 179 expensing, bonus depreciation and other related changes in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The guidance describes the procedures for filing amended returns and taking other actions.

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Georgia Passes Major Change to Depreciation for 2014!!!

I guess better late than never! On March 6, 2015 the Governor signed House Bill 292 into law which is the annual Internal Revenue code update. Consequently, for taxable years beginning on or after January 1, 2014, except as discussed … Continue reading

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IRS Issues 2014 Inflation-Adjusted Vehicle Depreciation Dollar Limits

The biggest change for 2014 is that business depreciation has been significantly limited (decreased). This is mostly attributable to the elimination of “bonus depreciation” and Code Section 179 depreciation. This is evidenced in the recently released IRS  inflation-adjusted limitations on … Continue reading

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Year End Planning – Depreciation and Real Property

This may be the last year that a unique combination of tax breaks is available for three categories of real estate assets: qualified leasehold improvement property; qualified restaurant property; and qualified retail improvement property. Taxpayers who are contemplating such improvements, … Continue reading

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Year End Planning – Section 179 Expensing

Generous Section 179 expensing limits are set to expire at the end of this year.  If you are  planning to purchase machinery and equipment or invest in eligible real estate assets during the remainder of this year or early next year … Continue reading

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Year End Planning – Bonus Depreciation

An expanding and strengthening economy may mean that Dec. 31, 2013 will be the end of the line for some stimulus-type tax breaks. Unless Congress acts, additional depreciation deductions in the placed-in-service year equal to 50% of the adjusted basis … Continue reading

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Section 179 Depreciation – Safe for at least 1 more year

In general, under Code Sec. 179, a taxpayer, can elect to deduct as an expense, rather than to depreciate, up to a specified amount of the cost of new or used tangible personal property placed in service during the tax year … Continue reading

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Bonus First-Year Depreciation Extended for One Year

Good news for business! The 2012 Taxpayer Relief Act extends 50% first-year bonus depreciation so that it applies to qualified property acquired and placed in service before Jan. 1, 2014 (before Jan. 1, 2015 for certain longer-lived and transportation property). … Continue reading

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Still time to purchase assets and expense them under §179 before the end of the year

As we previously wrote, there are significant changes coming to the current tax law.  One of the most impacted areas relates to the timing of when we can expense the purchase of fixed assets.  Generally, there are two major provisions … Continue reading

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Remember bonus depreciation on capital asset purchases before year end

As we all know by now, most tax structures are set to expire the end of this year.  The two most popular provisions for small businesses (bonus depreciation and §179 expensing) are set to expire.  At this time it is … Continue reading

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