The American Taxpayer Relief Act of 2012: A closer look at the fixed asset provisions
Fixed assets and the Fiscal Cliff Deal. ATRA affects many areas, from bonus depreciation and Sec 179 expensing, to MACRS and Indian Reservation property.
Mine Safety Equipment
The Act extends the opportunity for making a Section 179E election to expense 50% of the cost of advanced mine safety equipment through 2013. Rather than having to capitalize such property, a deduction for 50% of its cost may be taken in the year it is placed in service.
How to Get the Most From the New Tax Laws
One of the best ways to ensure you are taking advantage of the latest tax laws is through an automated fixed asset management solution, like Sage Fixed Assets. The Sage Fixed Assets team is constantly monitoring tax laws to help ensure you always get the most from any changes. A trusted name in fixed asset management for 30 years, Sage Fixed Assets solutions provide comprehensive depreciation calculations for financial and tax reporting, asset inventory tracking and reconciliation, construction-in-progress management, and customized reporting so companies can effectively manage every step of the fixed asset lifecycle.
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Mary Balmer is a CPA with over ten years of tax and accounting experience in public accounting and private industry and more than 20 years of full life-cycle software development experience. Her accounting background includes the preparation of financial statements, reviews, audits, individual and business tax returns, cash flows, budgets, and payroll. Mary has been with Sage since 1992 and currently serves as Director of Research and Development.
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