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Tax Season Countdown Tax Tips: Tip #13 Small Business Expensing Enhanced

 

 

As a NJ CPA firm and and NY CPA  firm, we are dedicated with providing you the latest tax tips this season.

Our tax tip for today is:

The American Taxpayer Relief Act of 2012 increased to $500,000 the amount available as a first-year deduction for the purchase of new or used business equipment. This new limit applies to 2012 and 2013. The investment limit of total purchases is $2,000,000. The new law also extends 50% bonus depreciation through 2013.

For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at info@bergencountycpa.com.

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