VTCRC Tenant Spotlight: Brown Edwards Maximizing depreciation deductions in an uncertain tax environment For assets with a useful life of more than one year, businesses generally must depreciate the cost over a period of years. Special breaks are available in some circumstances, but uncertainty currently surrounds them: Section 179 expensing. This allows you to deduct, rather than depreciate, the cost of purchasing eligible assets. Currently the expensing limit for 2014 is $25,000, and the break begins to phase out when total asset acquisitions for the year exceed $200,000. These amounts have dropped significantly from their 2013 levels. And the break allowing up to $250,000 of Sec. 179 expensing for qualified leasehold-improvement, restaurant and retail-improvement property expired Dec. 31, 2013. Read more becpas/newsroom/C3-archived-news;show,93.
Posted on: Tue, 07 Oct 2014 12:21:33 +0000
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