DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Tax Season Reminders

Tax Season Reminders

Tax Season Reminders

  1. Recent law increased Section 179 deduction
    Did you purchase and begin using new or second-hand business equipment during 2014?
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2014 Tax Extenders Signed by Obama

2014 Tax Extenders Signed by Obama

It’s finally official—President Barack Obama signed H.R. 5771, The Tax Increase Prevention Act Friday, December 19, 2014.

Businesses will enjoy the one-year extension of the research and development credit and bonus depreciation

Business Tax Provisions:

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Section 179 Update!!

Section 179 Update!!
Sect. 179 Update

The U.S. House of Representatives approved a proposal
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Plan for Lower Section 179 Expense

Plan for Lower Section 179 Expense

Small Businesses: Plan for Lower Section 179 Expense
Top-line:
In 2014, the annual expense limit for Section 179 is now $25,000, down from $500,000 in 2013. You will need to plan accordingly.

Background

Section 179 of the tax code allows businesses to immediately expense qualified capital purchases versus depreciating (recovering) their cost over time. Qualified purchases can be new or used equipment and certain software placed in service during the year. This benefit can be maximized as long as total qualified asset purchases by your business do not exceed $200,000 (formerly $2 million) during your 2014 tax year.

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