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Now
that baseball season is in full swing…did you get to take advantage of some of
the Home Runs available during this past Tax Season?
Depreciation:
Allows an additional first year depreciation deduction equal to 50% of
the adjusted basis in the qualified property. To qualify, property must be
acquired after May 5, 2003 and before January 1, 2005.
Section 179:
Increases the deduction limit to $100,000 for property placed in service
in taxable years beginning in 2003, 2004 and 2005. That is a sweet deal! The
phase-out limit of $200,000 is increased to $400,000 for the same period. The
dollar limitations are indexed annually for tax years beginning after 2003 and
before 2006. The provision also includes off-the-shelf computer software.
We are an established full service Accounting & Tax firm, providing personal CPA service from startup through success to Susquehanna Valley businesses since 1993. Check out what our firm has to offer. You’ll be glad you did! Call today for a FREE consultation.
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Call me today @ 672-1040 or |
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