2018 Depreciation Update: Section 179 and Bonus Depreciation

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law, and it expanded the Section 179 deduction and bonus depreciation for business property, as follows: Overview of Section 179 Deduction & Bonus Depreciation An explanation of the 2018 Section 179 increases (reflected in the table above) are provided […]

2016 Tax Planning – The Time is Now!

Take action now to save in April...

It won’t be long before the Thanksgiving and Christmas holidays race by, giving way to a new year.  And shortly after the calendar turns to 2017, tax time will be upon us once again.  I always recommend considering your tax position this time of year, because it’s not too late for some last minute tax planning. Depending on your unique situation, options are available to minimize your year-end tax […]

Depreciation Update: Section 179 & Bonus Depreciation

Similar to 2014, the United States government procrastinated in determining the fate of increased deduction limits for business property placed in service during the year. On December 18, 2015, the House and Senate signed the “Protecting Americans from Tax Hikes Act of 2015” (PATH) into law.  Under this legislation, the $500,000 deduction limit ($2,000,000 purchases limit) […]