Do You Know About the Accelerated Tax Deductions Eliminated in 2013?
In addition to the 2.3{0730eed075b45d9e50c00d6cd42dd08773e0164f29a45151808bf89051290974} Obamacare excise tax that starts 1/12013, two of the accelerated tax deductions will disappear.
- The Section 179 Allowance is reduced from $139,000 to just $25,000 ($0 for equipment >$225,000).
- The 50{0730eed075b45d9e50c00d6cd42dd08773e0164f29a45151808bf89051290974} Bonus depreciation is completely eliminated.
If you wait until 2013, you will defer until later years 65{0730eed075b45d9e50c00d6cd42dd08773e0164f29a45151808bf89051290974} of the possible tax deductions and tax savings you could have taken in 2012. Specifically:
• $94,775 in Total Deductions ($50,000 in 2013 vs. $144,775 in 2012)
• $36,015 in Tax Savings ($19,000 in 2013 vs. $55,015 in 2012)
If you plan to acquire this equipment, and have significant 2012 taxable income to shelter, it would be advisable to act in 2012 in order to take advantage of these accelerated tax deductions before they expire.
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