If you are a business owner, you must be aware of important tax changes that could impact your company finances. While many tax rules are permanent, others are written to expire at some point in the future. Some are extended and given new deadlines, but a significant number of popular “extenders” terminated at the end of 2013, including both business credits and deductions. Here are a few changes:
- Bonus 50% first-year depreciation will no longer be available to your business in 2014 and beyond.
- Section 179 expensing limit, which allows you to deduct qualified costs immediately instead of expensing them over time, will tumble to $25,000 from $500,000, where it’s been for the last four years.
How will the end of these and other credits or deductions affect you? Contact Doherty & Associates so we can give you advice and planning recommendations that you’ll need to minimize your tax bill and enhance your business’s financial situation. Also follow us on Facebook, Twitter, and LinkedIn and stay up to date on the changing tax laws, credits, and deductions.
Doherty & Associates Team