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Business deductions for property & equipment included in the 2012 Taxpayer Relief Act

Section 179 Expensing: Under code section 179 a taxpayer can expense, rather than depreciate, up to a specified amount of the cost of new or used tangible personal property used in the taxpayers business. Retroactively to the beginning of 2012, the act increases the maximum expensing amount from $139,000 to $500,000.  This maximum amount of $500,000 has been extended through 2013.

Bonus Depreciation: the act extended the 50% first-year bonus depreciation that applies to qualified property through 2013.

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