Business tax reminder
As year-end approaches, don’t overlook this option to reduce your business taxes for 2013: accelerated write-offs for business asset purchases. For example, the Section 179 immediate expensing deduction lets you write off the cost of assets you purchase and place in service this year, including vehicles, equipment, and software. For 2013, the maximum Section 179 deduction is $500,000. Another example is the “bonus” depreciation deduction, which allows you to expense up to 50% of the cost of new assets, including those that might not qualify for Section 179.