Section 179 Archives - BeachFleischman CPAs

Buy business assets before year end to reduce your 2018 tax liability

November 13, 2018 Tax Department Tax Bites 2018 taxes, Section 179, tax planning strategies, TCJA

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability[ … ]

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[ … ]

Can recently enhanced Section 179 expensing reduce your 2012 taxes?

February 18, 2013 July 26, 2013 Tax Department Tax Bites American Taxpayer Relief Act of 2012, asset purchases, ATRA, phase out, Section 179

Section 179 expensing allows businesses a 100% deduction for the cost of qualifying asset purchases. Its 2012 benefits were recently enhanced by the American Taxpayer Relief Act of 2012 (ATRA). Sec. 179 expensing is subject to an annual limit, which is phased out if purchases exceed a designated threshold. So if total purchases are large[ … ]