Bill Allows $500,000 Deduction of Purchased Assets for Businesses

This article discusses the extension of the Section 179 depreciation provision that allows business owners to accelerate depreciation on certain assets against business income in year one. This predominantly benefits new, small businesses, allowing them to deduct a large portion of upfront asset acquisition.

This is an extremely valuable tool when used knowledgeably, but there are a lot of technicalities and the audit risk of taking the deduction in certain situations is very high. Before you claim the 179 depreciation acceleration allowance, it is essential that your facts and circumstances are carefully reviewed by a CPA or tax attorney.

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Five Stone Tax is America’s trusted tax adviser, offering full-service tax solutions with the goal of making sure all of our clients pay the lowest amount of taxes legally possible. As the most effective tax representation company in America, our team consists of the best Property Tax Consultants, Tax Attorneys, Enrolled Agents, case managers, and administrators in the industry.