Significant changes have occurred related to depreciation deductions for 2014 compared to prior years. The total amount of Section 179 deduction is now $25,000 compared to $500,000 in 2013. Vehicles can still qualify for the $25,000 deduction. Also, 50% bonus depreciation is no longer available for qualified property. There is still the possibility that Congress may take action to extend the prior depreciation provisions however that is still unknown. Please check with us prior to making purchasing decisions for 2014.
posted by Myron Fisher, CPA