Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets.
Q: Can I deduct mileage to a PO box? A: It depends. If you are a home-based business and a portion of your home is used regularly and EXCLUSIVELY for business, then you can deduct any business mileage driven from your home, including to your PO box. If your home is not used regularly and exclusively [...]
DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. All of the questions below have come from readers over the last couple of weeks: Q: Do I have to take Section 179 if I [...]
A reminder that Iowa lawmakers finally came to their senses earlier this year and decided to couple with federal law on Section 179 expensing for 2011 and 2012. This means the Iowa Section 179 limit is the same as the federal limit: $500,000 for 2011 and $139,000 for 2012. But remember, Iowa is NOT coupling with [...]