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We are a full service accounting firm located in the Washington DC metropolitan area. For more than 15 years, we have been providing accounting, auditing, tax preparation, bookkeeping, management consulting and many other accounting services to a wide range of clients, including both businesses and individuals, throughout the Washington DC area. We have developed a reputation for professional excellence through the high quality of services we perform for our clients.

We have developed a reputation for professional excellence through

the high quality of services we provide to our clients.

Small Business Jobs Act of 2010 Tax Provisions

Sect. 2021: Increased expensing limitations for 2010 and 2011; certain real property treated as Code section 179 property.

An expense deduction is allowed for businesses which choose to treat the cost of certain qualified property, called section 179 property, as an expense rather than a capital expenditure. For qualifying property placed in service during the taxable years 2010 and 2011, the new law increases both the maximum amount of the deductible expense under IRC Section 179, as well as the statutory phase-out amount. The provision also expands the definition of IRC Section 179 property to include the following types of real property: qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property.

Section 402, Temporary Extension of Increased Small Business Expensing, of the Tax Relief Act of 2010, further amended IRC Section 179 for tax years 2012 and 2013. If this election is chosen, it is made in Part 1 on Form 4562, which must be attached to the taxpayer’s original tax return. The instructions (PDF) for Form 4562 contain information on how to complete Part I, Election To Expense Certain Property Under Section 179. Read more....