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At Bullock, Garner, & Leslie we bring you part 4 of our 6-part series on tax deductions expiring in 2013. We’ll help you take advantage of them while you can!

Qualified leasehold improvements: Qualified leasehold improvements, qualified restaurant property, and qualified retail improvements are assigned a 15-year (straight-line) recovery period. In 2014, all are assigned a 39-year (straight-line) recovery period.

Section 179 — Deduction Limit: The Section 179 deduction and qualifying property limits are $500,000 and $2,000,000, respectively. After 2013, the deduction and qualifying property limits are $25,000 and $200,000, respectively.

Section 179—Qualified Real Property: Taxpayers can claim the Section 179 deduction on up to $250,000 of qualified real property (qualified leasehold improvements, qualified restaurant property and qualified retail improvement property). In 2014, qualified real property is not eligible for Section 179 expensing.

These deductions expire Dec. 31, 2013, so be sure to take advantage now. Bullock, Garner, & Leslie is your Melbourne CPA firm ready to help you maximize your tax deductions for 2013 and plan for the changes coming in 2014.