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.
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