In 2017, businesses can expense up to $510,000 of qualified new or used business equipment purchases, with a $2,030,000 annual purchase limit. In addition, new equipment purchased in 2017 may qualify for 50% bonus depreciation. This rate drops to 40% in 2018, so plan your purchasing accordingly.
The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
Read full post | Posted by on 12.13.16