A vital part of Holbrook & Manter’s commitment to our clients includes providing up to the minute information regarding tax rules. Many provisions and extenders are yet to be finalized, including the Section 179 deduction, which allows you to accelerate depreciation, rather than normally depreciating the cost of purchasing eligible assets.
Senate action on legislation to renew tax cuts this year remains on hold, and while a vote is expected soon, an exact date of when this will happen can’t be pinned down. The delay stems from debate on a spending bill to fund most government operations for the balance of the federal fiscal year and a separate defense bill that is also prolonging proceedings.
You many have specific concerns or questions while we wait for a new tax act to pass. If so, please contact us today.