|
|
| IRS Go Zone Information |
| |
| Bonus Depreciation Extension in Areas Affected by Hurricanes Katrina, Rita, and Wilma |
 |
| May 8, 2006 |
|
| This announcement advises taxpayers affected by Hurricane Katrina, Rita, or Wilma that the Treasury Department and the Internal Revenue Service have extended thru December 31, 2006, the required placed-in-service date for certain property that is eligible for the additional first year depreciation deduction provided in § 168(k) of the Internal Revenue Code and that is placed in service or manufactured in certain areas affected by Hurricane Katrina, Rita, or Wilma. |
| Complete Details |
|
|
| GO Zone Resident Population Estimates |
|
| March 20, 2006 |
|
| This notice informs the states of Alabama, Louisiana, and Mississippi of their state population portion in the Gulf Opportunity Zone (GO Zone) to determine the (1) Gulf Opportunity housing amount under § 1400N(c)(1)(B) of the Internal Revenue Code, and (2) maximum aggregate face amount of qualified Gulf Opportunity Zone Bonds (GO Zone Bonds) under § 1400N(a)(3) of the Code. |
| Complete Details |
|
|
| Recent Tax Law Changes Affecting Businesses in the Gulf Region |
|
| January 2006 |
|
Small businesses and employers in the Gulf region receive a variety of tax breaks and incentives under the recently-enacted GO Zone legislation (Gulf Opportunity Zone Act of 2005).
The Internal Revenue Service will provide an explanation of the new laws in Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita and Wilma, which will be available soon on IRS.gov. Additional information is also available at IRS.gov. |
| Complete Details |
|
|
| Section 179 Deduction •Special Depreciation Allowance •MACRS •Listed Property |
|
| Publication 946 (2005), How To Depreciate Property |
|
| Increased section 179 deduction dollar limit. The maximum amount you can elect to deduct for most section 179 property you placed in service in 2005 is $105,000 ($140,000 for qualified enterprise zone, renewal community, and New York Liberty Zone (Liberty Zone) property). This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $420,000. See Dollar Limits under How Much Can You Deduct in chapter 2. |
| Complete Details |
|
|
| Publication 925 - Main Contents |
|
| Passive Activity Limits |
|
In general, you can deduct passive activity losses only from passive activity income (a limit on loss deductions). You carry any excess loss forward to the following year or years until used, or until deducted in the year you dispose of your entire interest in the activity in a fully taxable transaction. See Dispositions, later. |
| Complete Details |
|
|
| A Brief Overview of Depreciation |
|
Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.
Most types of tangible property (except, land), such as buildings, machinery, vehicles, furniture, and equipment are depreciable. |
| Complete Details |
|
| |
|
|
|
| Latest News Headlines |
|
|
