Frank DiPaola, EA

Frank DiPaola, EA
Tax Accountant
 Tax Form Processing LLC 
FOR THE TAXPAYERSM
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What's NEW for Tax Year 2005?
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Section 179 Expense for Tax Year 2005

The maximum allowable expensing for certain "qualifying business property" under Internal Revenue Code (IRC) §179 has INCREASED to $105,000 for tax year 2005. The phase-out threshold increases to $420,000.

CAUTION

The Section 179 limitation imposed on sport utility vehicles (SUV's) acquired AFTER October 22, 2004 has an expense limit of $25,000!

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