On July 21, the Senate Finance Committee approved the extenders bill. This bill includes the extension of 52 tax provisions that usually get extended each year. It includes reinstating the section 179 expense amount back to $500,000 and also includes the 50% bonus depreciation.
Will this bill become law? The answer is maybe. And while we don’t know when this could happen, the good news is Congress is working on this extenders bill early in the year.
Tax Tip Tuesday will be taking a two week break and will be back on August 18th.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein