It appears that the Senate will vote on the Tax Extenders Bill on Wednesday of this week. Procedural matters will tie them up on Monday and Tuesday, thus the earliest the vote will take place is on Wednesday.It is expected that enough Democrats will vote with Republicans to pass the Bill and it appears that President Obama will sign it.
This will increase the amount of 179 accelerated depreciation back to the $500,000 limit it was in the past few years. Increasing bonus depreciation up to over $2 million. It would also extend it through 2015. This is a great tax write off for small business to help them expand and upgrade their business by purchasing new software/equipment and other hard assets and writing off in 2014. Used equipment does not apply.
Here’s to hoping for an end of year small business gift from the government. One that is vitally needed.