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Year-end is fast approaching, and if your business has beenconsidering purchasing, financing or leasing new equipment you can takeadvantage of both §179 Depreciation and Bonus Depreciation if you act beforethe end of the year. With BonusDepreciation, businesses can deduct the full purchase price (within specifieddollar limits) of equipment purchased or leased and put into service in 2011.The Economic Stimulus Act of 2008 increased the §179deduction limit to $500,000 and increased the total amount of equipment thatcan be purchased to $2 million from the previous amount of $200,000. A one-timeBonus Depreciation was also added, which now allows businesses to write off 100percent of the purchase price of newequipment or other assets during the year they werepurchased, as opposed to taking depreciation through annual deductions overtime. Another big bonus identifies and reclassifies personalproperty assets to shorten the depreciation time for taxation purposes, whichreduces current income tax obligations. Personal property assets include abuildings non-structural elements, exterior land improvements and indirectconstruction costs. Depreciation expense is accelerated and tax payments aredecreased when an assets life is shortened, which frees up cash often a lotof cash. If you purchased real estate in2011 you may be entitled to a large bonus depreciation deduction by propertyidentifying 5-year and 15-year assets within your property.When originally established, Bonus Depreciation allowed 30percent of the purchase price to be deducted, then 50 percent, and now 100percent. This is a temporary rulechange, however, and limits are scheduled to revert in future years, so this isa great time to take advantage of these generous allowances while they areavailable.Most business equipment, software, office furniture and evensome vehicles can qualify for the §179 deduction, including the following: Equipment or machinery purchased for business use Tangible personal property used in business Business Vehicles with a gross vehicle weight in excess of 6,000 lbs Computer Software Office Furniture & Equipment Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment) Partial Business Use (equipment that is purchased for business use and personal use - generally, your deduction will be based on the percentage of time you use the equipment for business purposes.) Consider a scenario where you lease or finance someof the above equipment during 2011. Yourbusiness can deduct the full purchase price of that equipment in 2011, yetyouve only made a few payments. Additionally,you have the benefit of putting the new equipment into use. Taking advantage of §179 Depreciation and BonusDepreciation in 2011 could have a major effect on your bottom line. Capital Review Group can assist you increating a strategy for obtaining the equipment or other assets that willenhance your business, while taking advantage of generous tax deductions,improving cash flow and increasing profits.
Bonus,Depreciations,Expiring,C