New Tax Deduction Available for Business Owners

Feb 24, 2011

Did you know you can NOW deduct 100% of Equipment and Leasehold Improvements?

There are several tax laws that were passed in 2009 and 2010 that could have a significant impact on the deductible amounts for assets purchased for your business during 2010.

At Anstiss & Co., we can help you choose which option of depreciation is best for your company. The “Small Business Jobs Act of 2010,” passed on September 27, 2010, allows for a 100% deduction for new equipment placed in service from September 8, 2010 to December 31, 2011. This 100% bonus depreciation has no limits and may be preferable to Section 179 expensing.

In addition, one of the key changes during 2010 allows Section 179 depreciation expensing for qualified leasehold improvement property. This allows for the cost of qualified leasehold improvements to be deducted in full in the year of purchase, rather than spread over a number of years.

Before you make any decisions or depreciation elections about your tax filings for 2010, make sure you know all of your options.

At Anstiss & Co., we have been assisting our clients with critical tax-related decisions for over 45 years. Call one of our experienced professionals today at 978-452-2500 so that we can help you choose which option of depreciation is best for your business and assist you with any other tax questions you may have.