title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Monday, September 21, 2009
 
Section 179 For 2010



Q:



Subject:  Tax Issue


Is there any information as to what the 179 election and bonus depreciation will be in 2010? Thanks!



A:



This was in the recent CCH report of 2010 tax changes that I mentioned on my blog.

"Code Sec. 179 expensing. Unless Congress intervenes, Code Sec. 179 expensing will return to pre-2008 levels for 2010. For tax years beginning in 2010, the Code Sec. 179 expensing limit will be $134,000 and the cost-of-equipment limit set at $530,000. (Note: Expensing is currently scheduled to return to $25,000 ($200,000) levels in 2011.)"


Nothing was mentioned about any changes in the special first year depreciation, so that will expire as of 1/1/10 for most types of assets, unless our rulers in DC decide to pass another extension.

I hope this helps.

Kerry Kerstetter



Follow-Up:



I like the our rulers in DC comment. Kind of scary, isn't it! Thanks!


 

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- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 9/21/2009 05:55:00 PM Send this post:

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