§ 179 deduction Archives - FREE Yourself from IRS Problems

Shamsey Oloko May 17, 2017 Bonus Depreciation, Depreciation

§179 And Bonus Depreciation in 2017

Pursuant to § 179 of the Tax code, businesses may deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. The “Protecting Americans from Tax Hikes Act of 2015” (PATH Act) expanded the…

Shamsey Oloko May 15, 2017 Bonus Depreciation, Depreciation

The § 179 Deduction Explained

The Internal Revenue Code through Section 179 permits businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Thus, if qualifying equipment is purchased or leased, the full purchase price may…

Shamsey Oloko April 14, 2017 Business Expenses, Medical Expenses, Moving Expenses

IRS Announces 2017 Standard Mileage Rates for Business, Medical and Moving

Taxpayers should know the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The standard mileage rate for business is based on an annual study of both…