End of Year Tax Tip courtesy of CliftonLarsonAllen

Posted on December 9, 2013 in General News,

December 3, 2013

Take Advantage of Expiring Property-Related Tax Deductions by Year-End

Many of the tax deductions surrounding capital expenditures and capital improvement are set to expire on December 31. These benefits include bonus depreciation, Section 179 deductions, tenant improvement deductions, and sunsetting repair rules.

To qualify for the deductions, assets must be placed in service, or repair expenditures must be paid or incurred by year-end.

“Taxpayers involved in real estate improvement or capital equipment acquisition should assess now whether they can benefit from these deductions, since it is unlikely that they will survive beyond 2013,” says Perry McGowan, a tax director with CliftonLarsonAllen’s construction and real estate group.

“Due to new tax rules, many business owners will have tax rates increase next year from 35 percent to more than 40 percent, so it is important to focus on investments that can be in-service by December 31,” he adds.

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