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.