Smart Tax Write-offs 2016—2017 Update

SMART TAX WRITE-OFFS 2016—2017 UPDATE

Page 39 & 48 — Section 179 Deduction Limits

2016       $500,000

2017       $500,000

 

Page 39 & 48 — Section 179 Investment Limits

2016       $2,000,000

2017       $2,000,000

 

Page 41 — Car Business Expenses

2016 Standard Mileage Rate is 54¢

2017 Standard Mileage Rate is 53.5¢

 

Page 42 — Maximum Depreciation Deductions for Vehicle Placed in Service in 2016:

………………………………..Passenger Car                   SUV, Van Truck

First year depreciation ………….. $3,160 …………………….. $3,560

Second year depreciation ………. $5,100 …………………….. $5,700

Third year depreciation …………. $3,050 …………………….. $3,350

Fourth & succeeding years ……… $1,875 …………………….. $2,075