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J.K. Lasser's Your Income Tax 2014: For Preparing Your 2013 Tax Return by J. K. Lasser

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Chapter 42

Claiming Depreciation Deductions

There are several methods of claiming expense deductions for your purchases in 2013 of equipment, fixtures, autos, and trucks used in your business:

  • First-year expensing (Section 179 deduction), which allows a deduction of up to $500,000 in 2013 (42.3)
  • Bonus depreciation, which is another first-year deduction at 50% of cost for eligible property placed in service during 2013 (42.20).
  • Regular depreciation, which allows a prorated deduction over a period of years. Most business equipment is depreciable under MACRS (modified accelerated cost recovery system) over a six-year period. MACRS applies to new and used property. The objective of MACRS is to provide rapid depreciation ...

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