New tax law info for Businesses

A few tax law changes you should be aware of for businesses


  • Bonus depreciation.  The 50% bonus depreciation for new business property was extended through 2013
  • Section 179.  The maximum Section 179 deduction for business equipment purchased was kept at $500,000 of the first $2,000,000 of business property placed in service during 2013.
  • The Work Opportunity Tax Credit was extended through 2013 and retroactively applies to 2012.  When a business hires a person from one of several specific economically disadvantaged groups it may claim a WOTC, generally about 40% of the first $6,000 paid to the new hire.
  • Standard mileage rates are 56.6 cents per mile for 2013.
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