IR-2018-257, December 21, 2018 WASHINGTON — The Internal Revenue Service issued Revenue Procedure 2019-08 PDF today to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g). These rules, as amended by the Tax Cuts and Jobs Act (TCJA) in December 2017, generally apply to tax years beginning after 2017.
Section 179 allows taxpayers to deduct the cost of certain property as an expense when the property is placed in service. For tax years beginning after 2017, the TCJA increased the maximum Section 179 expense deduction from $500,000 to $1 million. The phase-out limit increased from $2 million to $2.5 million. These amounts are indexed for inflation for tax years beginning after 2018.
The menu is a mix of French regional cuisines, and the menu changes with the seasons. Be sure to ask about the daily specials!
Tax Relief in Disaster Situations
Find information on the most recent tax relief provisions for taxpayers affected by disaster situations.
Fact Sheets
Under the American Rescue Plan, employers are entitled to tax credits for providing paid leave to employees who take time off related to COVID-19 vaccinations
Official Website of Section 179
Section 179 is an attractive tax deduction for small and medium businesses. It’s also very easy to understand and utilize.
Small Business Solution 