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20 top tax breaks in the new PATH Act

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in Centerpiece,Small Business Tax Deduction Strategies

The new Protecting Americans from Tax Hikes (PATH) Act of 2015 permanently preserves several key tax breaks, with certain modifications, as well as extending numerous others.

Alert: Most changes are retroactive to Jan. 1, 2015, or the tax year beginning in 2015. Here are 20 top provisions in the new law.

  1. Section 179 deduction: The PATH ACT permanently restores the maximum $500,000 deduction for qualified business property, with a $2 million deduction phaseout threshold, and provides indexing for 2016 and beyond.
  2. Bonus depreciation: A 50% bonus depreciation deduction is retained for 2015 through 2017. Then it dips to 40% in 2018 and 30% in 2019 before expiring.
  3. Cost recovery period: A business can use a fast 15-year straight-line cost recovery for qualified leasehold, restaurant and retail improvements instead of the usual 39-year period. This tax break is now permanent.
  4. American Opportunity Tax Credit: The PATH Act makes pe...(register to read more)

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