January 31, 2014 – Deadline for filing quarterly payroll & annual sales tax returns.
Depreciation and Section 179 Expense
Section 179 has been enhanced for the 2013 and 2012 tax years (2012 is retroactive). This is due to the passage of H.R.8: American Taxpayer Relief Act of 2012 (The “Fiscal Cliff / Fiscal Crisis” Bill).
Get full details at http://www.section179.org
- 2013 & 2012 (Retroactive) Deduction Limit: $500,000
- 2013 & 2012 (Retroactive) Limit on Capital Purchases: $2,000,000
- 2013 and 2012 (Retroactive) Bonus Depreciation: 50%
Standard Mileage Rate
The standard mileage rate for operating an automobile for business use is 56.5 cents per mile driven throughout 2013. The rate increased 1 cent from the 2012 rate.
*Note: this information is intended as a helpful reference and is not to be relied on as qualified advice from a tax professional.