Ravi
Diamond Member
I've been waiting for this to happen and am very glad it finally did.
New Tax Law Emerges Beyond the Fiscal Cliff | AccountingWEB
Section 179 deduction. Under Section 179 of the Internal Revenue Code, a business can elect to "expense" the cost of qualified property placed into service during the year, subject to a maximum limit and a phaseout for amounts above a specified threshold. For 2012, the maximum deduction was set at $125,000 (inflation-indexed to $139,000) with a $500,000 threshold (inflation-indexed to $560,000). The new law restores the previous limits of a $500,000 maximum deduction and a $2 million threshold through 2013, retroactive to 2012. It also permits expensing of up to $250,000 of the cost of qualified leasehold improvement property, restaurant property, and retail improvement property, as was allowed under prior law.
New Tax Law Emerges Beyond the Fiscal Cliff | AccountingWEB