$100,000 Expensing Election Extended Through 2007

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Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS

With globalization, more people in the U.S. have foreign financial accounts. "There are responsibilities that go along with owning such foreign bank and financial accounts," said IRS Commissioner Doug Shulman. "Foreign account owners must remember that they may have to report their accounts to the government, even if the accounts do not generate any taxable income."

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$100,000 Expensing Election Extended Through 2007

Good news for small businesses and self-employed individuals! The American Jobs Creation Act of 2004 has extended the $100,000 Section 179 expense through 2007. This means that taxpayers can deduct up to $100,000 per year of qualifying property that is placed into service in 2005 – 2007. Qualifying property is defined as depreciable tangible personal property (such as machines, equipment, furniture) and computer software that is purchased for use in the active conduct of a trade or business. The $100,000 amount is reduced (but not below zero) by the amount by cost of qualifying property placed in service during the taxable year exceeds $400,000. If you have any questions on this new law, please contact our office.

(Jill Martin)

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS

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For website suggestions contact our webmaster at: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

$100,000 Expensing Election Extended Through 2007

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