Depreciation - New Business Equipment
Most new business equipment can be either depreciated over its useful life or expensed immediately under Internal Revenue Code Section 179. The 2013 maximum deduction is $500,000 with a $2,000,000 Investment based celing. The 2012 maximum deduction was the same amounts. ATRA, extends the amounts deductible by a taxpayer for 2010 and 2011 under Code Sec. 179 to2013 Generally, qualifying property is: Tangible personal property (such as machines, equipment, furniture). Certain other tangible property used for specific purposes. Single-purpose agricultural or horticultural structures. Certain storage facilities. Railroad grading’s or tunnel bores.
Note If you need professional help with "Depreciation" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.