by mariettacp | Jun 24, 2011 | Money Tips, Tax Tips
Each of your employers is obligated to withhold social security taxes from their wages, even if the total they withhold exceeds the maximum amount of tax that can be imposed for the year—$6,622 in 2010 (equal to 6.20% of the $106,800 wage base); $4,486 in 2011 (4.20%,...
by mariettacp | Jun 22, 2011 | Money Tips, Tax Tips
If you dispose of the property, or stop using it in a trade or business, before the end of the cost recovery period that would have applied to the property had you not made the election for the property, all or part of the amount of the deduction you claimed under the...
by mariettacp | Jun 20, 2011 | Money Tips, Tax Tips
If your taxable income from all of your trades or businesses is less than the dollar limit for that year, the amount for which you can make the IRS Code Section 179 election is limited to that taxable income. However, for most types of property, any amount you...
by mariettacp | Jun 17, 2011 | Money Tips, Tax Tips
The dollar limit doesn’t mean the IRS Code Section 179 election can’t be made for property costing more than that amount. For example, if you buy a machine for $600,000 and place it in service in a business in a tax year beginning in 2011, you can elect to...
by mariettacp | Jun 15, 2011 | Money Tips, Tax Tips
To qualify for the IRS Code Section 179 election, the property must be tangible personal property. This means that real estate (buildings and their structural components) does not qualify, nor do intangibles such as patent rights. However, the following types of...
