On Sept. 27, President Obama signed the Small Business Jobs Act (H.R. 5297) into law, reinstating the 50% depreciation bonus for 2010 (retroactive to the beginning of the year) and increasing Sec. 179 expensing levels to $500,000 (and the phase-out threshold amount to $2 million) for 2010 and 2011.
The act reinstated the 50% depreciation, designed to help businesses that cut their tax bill buy new equipment. This applies, among other things, to purchases of tangible personal property (including construction, mining, forestry and agricultural equipment) with a MACRS recovery period of 20 years or less.
In order to qualify, the following criteria must be met:
Equipment must have been purchased and placed in service in 2010.
Applies to new equipment only.
Allowed for both regular and alternative minimum tax purposes.
Discretionary - Taxpayer need not claim the depreciation bonus.
Depreciation Bonus will expire at the end of 2010.
The original draft from IRS is as follows:
Bonus Depreciation and Increased Section 179 Deduction under the American Recovery and Reinvestment Act
The American Recovery and Reinvestment Act (ARRA), enacted in February 2009, extended the bonus depreciation and increased the section 179 deduction. For many businesses, these two provisions are only available this year and, as a result, they only have a few months to take action and save on their taxes. Here is a quick rundown of these provisions.
Many small businesses that invest in new property and equipment will be able to write off most or all of these purchases on their 2009 returns. The new law extends through 2009 the special 50 percent depreciation allowance, also known as bonus depreciation, and increased limits on the section 179 deduction, named for the relevant section of the Internal Revenue Code. Normally, businesses recover these capital investments through annual depreciation deductions spread over several years. Bo...
Agricultural Equipment Bellevue NE
Agricultural Equipment in Bellevue, NE. Local businesses and services around Bellevue. Find Agricultural Equipment in your area.
Check 'N Go(402) 731-9011
6028 L St
Freedom Lending LLC(402) 934-7490
4610 S 143rd St
Chastain-Otis Ins Financial Srv(402) 397-2500
9394 W Dodge Rd
Axis Capital Inc(402) 614-2562
10842 Old Mill RD
Check N Go(402) 477-9900
4640 Champlain DR
Lease Genie(402) 715-5100
Po Box 45572
Omaha Auto Finance and Car Loans(402) 403-0528
7914 W Dodge Rd
M & I Equipment Finance(402) 614-4195
2800 S 110th CT
American General Finance(402) 573-5263
5480 N 90th St
First Lease Nationwide(402) 944-2254
110 North 14th Street
Ashland , NE
Ashland , NE
Still time to save money on truck purchases
Waytek releases truck cables for increased functionality
According to Waytek, OEMs and truck modifiers continue to add complex, additional functions to on- and off-road vehicles. The company said its CAN-BUS Data Cable reduces wiring and electronic interference, as well as offering high-speed network communication. The product can be used in light- and heavy-duty vehicles, as well as appropriate stationary applications that use vehicle derived components (e.g., generator sets), on/off-highway trucks, trailers, buses, RVs, fire engines, construction equipment and agricultural equipment.
This newly available cable, designed to the SAE J1939-15 unshielded and SAE J1939-11 shielded specification, utilizes proprietary materials that are specifically designed for exceptional electrical performance. The company said the product features 18-20 AWG construction, is abrasion and cut resistant, waterproof, and has a 125˚C rated TPC jacket with excellent oil and chemical resistance.