The HIRE act of 2010 also extends the $250,000 limit on first-year expensing for purchase of business equipment and machinery in 2010, (Known as Section 179). If the total cost of qualifying purchases in 2010 exceeds $800,000, the $250,000 Section 179 deduction is reduced.
The 50% bonus depreciation in effect in 2009 HAS NOT YET been extended to apply in 2010. The latest news we have received is that it is included in a bill that the Senate is considering, but has not yet passed. We are keeping an eye on the developments and will post new information to our website www.prescottaccountants.com as soon as it is available.
If you have any questions about how to apply this depreciation extension or any other aspect of the 2010 HIRE act, or just need tax planning assistance, please call Schutte & Hilgendorf, CPAs at 928-778-0079. We specialize in accounting, auditing, and tax planning and preparation for individuals and business in the great quad-city area.
