Depreciation after the 2003 Tax Act--Part 2

Cash, L. Stephen; Dickens, Thomas L.
November 2003
Strategic Finance;Nov2003, Vol. 85 Issue 5, p15
The article reports on the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) in the United States. Small businesses are advised to expense the $100,000 amount of property that is allowed each year under general Code §179 for 2003, 2004, and 2005. Deductions from §179 and §168(k), which is a bonus depreciation, might be recaptured under §1245. JGTRRA will affect the cost of a luxury automobile.


Related Articles

  • CHAPTER 3: Writing Off Long-Term Business Assets. Daily, Frederick W.; Quinn, Jeffrey A. // Tax Savvy for Small Business;Nov2013, p39 

    The article discusses how to use the depreciation rules and Section 179 of the tax code to lower tax bill. The authors state that all expenditures for business fall into current expenses and capital expenses. They note that the accelerated or straight-line method can be used to depreciate...

  • Lock up 7 fleeting tax breaks.  // Small Business Tax Strategies;Oct2013, Vol. 8 Issue 10, p1 

    The article presents key tax breaks for small businesses in the U.S. in 2013. It mentions that the business can deduct qualified assets of up to $500,000 placed in service under the American Taxpayer Relief Act of 2012 (ATRA). It states that the current version of bonus depreciation permits a...

  • CHAPTER 3: Writing Off Long-Term Business Assets. Daily, Frederick W.; Quinn, Jeffrey A. // Tax Savvy for Small Business;Nov2015, p37 

    The article discusses taxation issues for small businesses in the U.S. as of November 2015, particularly how to write off long-term business assets. Also explained are the two categories of business expenditures, namely, current expenses and capital expenses, the depreciation rule under the...

  • Computation of Gain on Disposition of Section 1250 Property. Willis, Eugene // Accounting Review;Jul77, Vol. 52 Issue 3, p727 

    Deals with the application of the rules for recapture of depreciation upon disposition of Section 1250 property. Steps in the application of recapture rules; Example of application of the rules.

  • 5 tax-savers for your small business.  // Small Business Tax Strategies;Nov2013, Vol. 8 Issue 11, p1 

    The article presents five tax saving strategies which small businesses in the U.S. could employ at the end of 2013. It suggests loading up on business equipment and getting greedy about depreciation. It mentions to deduct up to $5,000 qualified start-up expenses. It adds to deduct worthless...

  • Small Business Jobs Act of 2010 Becomes Law.  // Federal Tax Course Letter;Nov2010, Vol. 24 Issue 11, p8 

    The article discusses the new legislation on taxation for small businesses in the U.S., the Small Business Jobs Act of 2010 which became effective on September 27, 2010. It states that the bill covers provisions in bonus depreciation, 100% gain exclusion, extension of carryback period, removed...

  • CHAPTER 2: Deductible Business Expenses. Daily, Frederick W.; Quinn, Jeffrey A. // Tax Savvy for Small Business;Nov2015, p11 

    The article discusses the tax deductible expenses, particularly for small business owners in the U.S. as of November 2015. Also cited are deductible expenses under the Internal Revenue Code (IRC) like vehicles, equipment and furniture, inventory, the non-deductible costs like government-imposed...

  • Section 179: the secret weapon of depreciation. Feinberg, Steven // New Hampshire Business Review;9/1/2006, Vol. 28 Issue 19, p29 

    The article examines the impact of the Internal Revenue Code Section 179 expensing election on small businesses in the U.S. Under the Modified Accelerated Cost Recovery System, small business owners are required to write off equipment costs. The Section 179 limits the annual deductions business...

  • Q&A…. Rolfe, Jenny // Money Management;5/18/2006, Vol. 20 Issue 17, p32 

    The article answers a question on reducing capital gains tax (CGT) liabilities by applying small business CGT concessions in Australia. Some of the requirements for eligibility to the small business CGT concessions are the existence of a CGT event that happens in connection with a CGT asset and...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics