Depreciation

Section 179 Expensing Election: This allows you to deduct (rather than depreciate over a number of years) the cost of purchasing eligible new or used assets, such as equipment and furniture. The expensing limit for 2016 and 2017 is $500,000. You can claim the election only to offset net income from a “trade or business,” …

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Automobiles

Business-related vehicle expenses can be deducted using: the standard mileage-rate method of 54 cents per mile in 2016 and 53.5 cents per mile in 2017 the actual-cost method (total out-of-pocket expenses for fuel, insurance, repairs and other vehicle expenses, plus depreciation). Purchases of new or used vehicles may be eligible for Sec. 179 expensing.  However, …