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Time is quickly running out to take advantage of this year’s increased Section 179 deduction and bonus depreciation. To take advantage of the increased limit, and bonus depreciation (both of which are currently set to expire on December 31, 2013) machine tool purchases must be placed into service before year end.
In 2014 the maximum expensing allowance will go from $500,000 down to $25,000. At the same time the investment limitation will drop from $2,000,000 down to $200,000.
Section 179 of the United States Internal Revenue Code allows a taxpayer to elect to deduct the cost of certain types of property on their income taxes as an expense, rather than requiring the cost of the property to be capitalized and depreciated.
The time to act is now. If you have any questions regarding Section 179 deductions please call at your earliest convenience.
At Palma Financial Services, Inc in Dublin, CA we are not only an Accountant/CPA firm but also a Professional Financial Specialist (PFS). We excel at guiding you through the financial landscape whether it be for business or family. Our best referrals are our own customers, people just like you.