The maximumallowance of $500,000 expired at the end of 2014. For tax years beginning in 2015, the maximum deduction will be only $25,000 unless Congress takes action.
Now the House has passed a bill making the $500,000 allowance that has applied for the past few years permanent. The president supports the measure, but he would require cutbacks in other business tax breaks to pay for it.
- Small Business Tax Deduction Strategies No matches