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Frank DiPaola,
EA
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Tax Accountant |
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Tax Form Processing LLC
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FOR THE TAXPAYERSM |
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www.TaxFormProcessing.com |
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2400 N Forsyth Road Suite 101 |
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Orlando, FL 32807-6445 |
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What's NEW for Tax Year 2006? |
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Section 179
Expense for Tax Year 2006
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The maximum
allowable expensing for certain "qualifying business property" under
Internal Revenue Code (IRC) §179 has INCREASED to $108,000 for tax year
2006. The phase-out
threshold increases to $430,000.
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The
Section 179 limitation imposed on sport utility vehicles (SUV's) has an expense
limit of $25,000!
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Click here to return to "What's NEW for Tax Year 2006?" |
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