Courtesy of Guest Blogger, Stanley J. Bushner, Shareholder
Buckno Lisicky & Company CPA's
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The “Protecting Americans from Tax Hikes Act of 2015” was signed into law on December 18, 2015. This tax act extended many of the tax laws that were set to expire in 2015, but none more important for the small business than the 50% bonus depreciation and the electing to expense (Sec. 179) rather than depreciate tangible property purchased in 2015. The Sec. 179 expensing has become permanent part of the Code. The bonus depreciation will be extended through 2019 as part of a phase out.