Friday, February 13, 2015

Bonus depreciation available for 2014

Bonus depreciation available for 2014

The Tax Increase Prevention Act of 2014 revived 50% bonus depreciation for 2014 federal income tax returns. Bonus depreciation is available in addition to Section 179 expensing, and gives you the option of writing off up to 50% of the cost of certain new business assets. Unlike Section 179, you can claim bonus depreciation no matter the amount of your annual equipment purchases, as well as when your business reports a loss.

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