For those of you fortunate enough to have actually invested in your operations through the purchase of certain 'qualified property' last year you are going to want to read IRS Revenue Procedure 2011-26 which provides guidance on the new 100 percent bonus depreciation from the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Specifically it explains the eligibility requirements for qualified property to qualify for the 100 percent additional first year depreciation deduction. Also, Revenue Procedure 2011-26 provides the method for a taxpayer who already timely filed the 2009 tax return to amend it to include qualified property.
This can be a huge deduction not to be over looked. It is worth your time to check and see if the property you purchased for your trade or business qualifies for this deduction. Read the link to Revenue Procedure 2011-26 and feel welcome to contact me with questions.
John R. Dundon, EA - 720-234-1177 - jddundon@comcast.net - http://prep.1040.com/jd/ - Enrolled with the United States Department of Treasury to Practice before the IRS - Enrolled Agent # 85353. Under contract with the IRS as a Certified Individual Taxpayer Identification Number (ITIN) Acceptance Agent - I am a Federally Authorized Tax Practitioner (USC 31 Section 330 + IRC 7525a.3.A) regulated under US Treasury Cir. 230.