September 2, 2015
Section 179 update for 2015
Alough nothing has been finalized, progress is being made on extending the limit for expensing assets under IRC 179 and 168.
The Senate Finance Committee favorably reported a bill (S. 1946) on July 23 that would retroactively extend through 2016 the 50% bonus depreciation allowance and the option to monetize alternative minimum tax credits from years before 2006 that were available in 2014. It would also raise the maximum Section 179 expensing allowance to $500,000 and the phaseout threshold to $2 million for 2015 and 2016, and index both amounts for inflation, among other things.
The House had passed a bill earlier this year that also would increase the 179 limits to $500,000.
We will keep you posted with any changes in this area.
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The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
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