Friday, October 18, 2013

Tax Changes

In case you did not know there are presently significant changes to the tax write off for certain equipment placed into service after December 31, 2013. As it is presently written companies may fully deduct for tax purposes (Section 179) up to $500,000 for certain equipment (as described in the appropriate tax section) purchased and placed into service in 2013. Check with your CPA to see if you can take advantage of the existing program.

In 2014 this amount drops to $25,000. In addition, there is a bonus depreciation amount that allows another 50% of the cost of certain equipment to be deducted for taxes in 2013. As of today, Congress has not extended this into 2014.

ALL THE MORE REASON TO LEASE LAYER SAVER IN 2013!!