Posted on Feb 9, 2016
Did you buy equipment or other business assets during 2015? Here are the current rules for maximizing your tax deduction.
For 2015, the maximum amount you can expense is $500,000 of the cost of qualifying property you began to use during the year. The $500,000 is reduced when the cost of the property you purchased during the year exceeds $2,000,000. Your deduction may also be limited by the amount of your business income.
Planning tip: The Section 179 amounts are now permanent. Beginning in 2016, both will be adjusted annually for inflation.
Planning tip: The December “extenders” tax law made bonus depreciation available through 2019, though the deductible amount will decrease in 2018 and 2019.
Please contact us about the latest depreciation breaks available to your business.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.