Tax Intel: News from the IRS

Businesses can immediately expense more

Businesses may elect to expense all or part of the cost of what is often referred to as Section 179 property and deduct it in the year they place the property in service. The maximum deduction is increased to $1,000,000, and the phase-out threshold is increased to $2,500,000. These amounts, adjusted annually for inflation, apply to property placed in service in tax-year 2019. Full Story

Source: https://www.irs.gov/newsroom/during-small-business-week-irs-spotlights-expanded-tax-benefits-for-depreciation-and-expensing