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Each situation is different, however, if you use tangible property within your business, it will impact your filings. Effective for tax years beginning on or after Jan. 1, 2014, you will most likely require one or more election statements and Form 3115s to be included in your business returns. Failure to do so indicates either an unauthorized change by the IRS or noncompliance.
Yes. If you did not qualify or file an affidavit to claim an exemption as a small business (less than $80,000) by Feb. 10, 2015, you will still need to file a Form 632 for the 2015 tax year by Feb. 20, 2015.
The Tax Increase Prevention Act of 2014 extended expired Section 179 and bonus depreciation through Dec. 31, 2014. If you purchased and put the property into service by then, you will be able to take advantage of the up to $500,000 deduction on new or used property, and 50 percent bonus depreciation on any new property. As for 2015, the limit for Section 179 was reduced to $25,000 and bonus depreciation is not available. If prior years are any indication, 2014’s Section 179 limits could be restored by Congress for the 2015 tax year.
Joseph DeGennaro is a Shareholder and Practice Leader of Doeren Mayhew’s Tax Group in Michigan and can be reached at 248.244.3000. For more information on tax requirements impacting your business, contact our tax advisors in Michigan, Houston or Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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