Section 179 Archives - BeachFleischman CPAs

Accounting for property, plant and equipment assets

February 19, 2021 February 22, 2021 Accounting & Assurance Department Assurance depreciation, financial reporting, financial statements, GAAP, PPE, Section 179

Which asset costs must be capitalized, how long will an asset provide value and which depreciation method is appropriate? Click the link for answers to common questions on reporting property, plant and equipment.

Many tax amounts affecting businesses have increased for 2021

February 9, 2021 Tax Department Financial & Professional Services, Tax Bites business tax, meals and expenses, retirement plan contributions, Section 179, social security, tax, tax deductions

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.

Small businesses: Cash in on depreciation tax savers

December 7, 2020 December 28, 2020 Tax Department Tax Bites bonus depreciation, Section 179, tax savings, TCJA

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.

Extension means businesses can take bonus depreciation on their 2015 returns – but should they?

February 2, 2016 Tax Department Tax Bites bonus depreciation, new tangible property, PATH Act, Section 179, tax, tax deduction

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give[ … ]