December 8, 2015
Late in November the IRS surprised small business owners with an increased tangible property expensing threshold. What this means in laymen’s terms is, capital assets with useful life over one year and costing $2,500 or less can be an immediate current year expense. Not only did they increase the expensing threshold from $500 to $2,500, but they also simplified recordkeeping and filing requirements to further ensure that businesses who do not maintain audited financial statements can also take advantage of the deduction.
The new $2,500 threshold will take effect starting in the 2016 tax year. Further, the IRS has agreed to provide audit protection to eligible businesses by not challenging the use of the new, higher, threshold in previous tax years.
If you have any questions, please do not hesitate to contact the office at 541.388.7888. Stay up on tax news and updates by following us on Facebook and Twitter.
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Period of Limitations: