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.
The public accounting firm, Schutte & Hilgendorf, announces the addition of Certified Public Accountant, Adam Rutherford, to the staff. Now at three full time CPA’s, the firm is confident that it has sufficient resources to promptly and professionally serve its many tax and accounting clients during the upcoming 2010 busy tax and auditing season whose numbers have which has grown in the past year.
Adam Rutherford has 5 years of accounting and tax experience with local accounting firms. After graduating from Northern Arizona University in 2005, with a BA in Accountancy, he moved back to Prescott to work at a local accounting firm and received his CPA license in 2008. Hired initially by Schutte & Hilgendorf to help out with the busy tax season of 2009, Adam came on board full time in May 2009 and has been busy ever since working in all areas of tax, auditing, accounting and has become the resident IT go-to guy.
A native of Prescott, Adam is married to wife Mary Ann and now lives in Prescott Valley. He is a member of the Arizona Society of CPAs and the Prescott Young Professionals. Adam enjoys traveling, riding his bike, watching movies, and going to Disneyland as many times as possible each year.
