Category: Taxes

Good news for business owners who bought equipment in 2010 or want to buy new equipment in 2011 and want to expense it fast. The Sec 179 limit was increased to 500K for 2010 and 2011 by the The Small Business Jobs Act of 2010. This can really help defer taxes for businesses that are otherwise profitable even though they spent on depreciable equipment.

Here is what the IRS said about the new law:

Continue reading “First year depreciation dedution increased to 500K”

Some people who are affected by the last minute tax law changes or who itemize deductions will have to wait until mid to late February to file to give the IRS time to adjust.

Here is the list of areas with changes that will require waiting:

Continue reading “Taxpayers affected by late tax breaks should wait to file”