Personal Finance News Tuesday 2/12

Phil's Personal Finance Tip of the Day:

5 overlooked tax breaks for small businesses

Commentary: Congress extended and expanded several key deductions

By Bill Bischoff/MarketWatch

Last month’s fiscal-cliff legislation included lots of tax provisions. Media attention has focused heavily on changes that affect individuals. But the new law also provides some valuable tax-saving breaks for businesses. Here’s the most important stuff to know for your outfit’s 2013 tax year.

Generous Depreciation Deductions for New and Used Assets

The Section 179 depreciation deduction privilege allows eligible businesses to deduct 100% of the cost of qualifying new and used assets in Year 1. For qualifying assets placed in service (set up and ready for business use) in tax years beginning in 2013, the fiscal-cliff legislation set the maximum Section 179 deduction at $500,000 (same as for 2010-2012). Without this change, the Section 179 maximum deduction for 2013 would have been only $25,000.

To read the entire article from Bill Bischoff/MarketWatch:
http://www.marketwatch.com/story/5-overlooked-tax-breaks-for-small-businesses-2013-02-06

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