From 2010 to 2014, as a boost to economic stimulus packages, the IRS increased the small business expensing limitation and phase-out amounts for many assets placed in service during the tax year. These amounts, previously $25,000 and $200,000 respectively, have been permanently set beginning at $500,000 and $2,000,000 and indexed for inflation beginning with the 2016 tax year. This provides a tremendous opportunity for small businesses for growth and expansion while also providing a safe haven to expense, under Section 179, purchases of qualifying assets. As always, there are many restrictions - give me a call to discuss your situation.
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