As a NJ CPA firm and and NY CPA firm, we are dedicated with providing you the latest tax tips this season.
Our tax tip for today is:
The American Taxpayer Relief Act of 2012 increased to $500,000 the amount available as a first-year deduction for the purchase of new or used business equipment. This new limit applies to 2012 and 2013. The investment limit of total purchases is $2,000,000. The new law also extends 50% bonus depreciation through 2013.
For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at firstname.lastname@example.org.