Mary L. Culshaw, CPA/PFS, CFP

Tax News You Can Use . . .

Code Section 179 expensing limits remain the same.....for now.

Taxpayers can elect to deduct the cost of qualified property placed in service in any given tax year under Code Section 179. Qualified property is tangible, depreciable personal property that is actively used in a trade or business.

In 2010, as in 2008 and 2009, taxpayers will be able to expense up to $250,000 of qualified property placed in service in 2010 under Code section 179. The $250,000 amount is phased out (reduced) if the total cost of the qualifying property placed in service during 2010 exceeds $800,000. Once the cost of the qualified property exceeds $1,050,000 the deduction phases out completely. The amounts for the deduction and phase out are not adjusted for inflation.

As the law stands now, for years beginning after 2010, the maximum expense amount under Code Section 179 will be $25,000 with the phase out beginning at $200,000.

If you have any questions regarding the expense amounts allowed under Code Section 179, please call us at any time.

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Mary L. Culshaw, CPA/PFS, CFP

Mary started in public accounting in 1990. She has a background in servicing the personal and business tax needs of the small business owner. In addition, she also carries the credentials of a Certified Financial Planner (CFP) and a Personal Financial Specialist (PFS, a designation for CPA's only). These credentials help her to have expanded financial conversations with clients to address their overall financial planning questions and concerns.

Mary is an active member in the community serving as the District Treasurer for Rotary as well as a member of the Tualatin Chamber of Commerce.

Outside of work, she enjoys planning and traveling with her husband, Michael, reading and real estate investing.

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

Code Section 179 expensing limits remain the same.....for now.

Taxpayers can elect to deduct the cost of qualified property placed in service in any given tax year under Code Section 179. Qualified property is tangible, depreciable personal property that is actively used in a trade or business.

As the law stands now, for years beginning after 2010, the maximum expense amount under Code Section 179 will be $25,000 with the phase out beginning at $200,000.

If you have any questions regarding the expense amounts allowed under Code Section 179, please call us at any time.

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

Mary L. Culshaw, CPA/PFS, CFP