Frank DiPaola, EA

Frank DiPaola, EA
Tax Accountant
 Tax Form Processing LLC 
FOR THE TAXPAYERSM
www.TaxFormProcessing.com
2400 N Forsyth Road Suite 101
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What's NEW for Tax Year 2004?
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Section 179 Expense for Tax Year 2004

The maximum allowable expensing for certain "qualifying business property" under Internal Revenue Code (IRC) §179 has INCREASED to $102,000 for tax year 2004. The phase-out threshold increases to $410,000.

CAUTION

A "sports utility vehicle (SUV)" or other vehicle that has a LOADED gross vehicle weight GREATER than 6,000 pounds acquired AFTER October 22, 2004 may only be expensed up to $25,000 under IRC §179!

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