Business and Practice Owners: Important December 31st Deadline!
Reginald A.T. Armstrong •
Just a quick reminder that Section 179 expensing rules change on January 1st. The maximum amount that may be deducted under IRC Section 179 goes from $500,000 to $25,000. In addition, the special additional first-year depreciation allowance (“bonus” depreciation for qualified property acquired and placed in service during specified time periods) that is currently at 50% goes away altogether.
Please see your tax advisor to see if there is any way for you to take advantage of these before year end.