At Bullock, Garner, & Leslie we spend all year preparing for tax season. Today we bring you part 5 of our 6-part series on tax deductions expiring in 2013. There’s always a chance they can be reinstated, but as for now you can expect to bid these tax deductions farewell. We’ll help you take advantage of them while you can!

Special (Bonus) Depreciation: Currently, a 50% special depreciation is allowed for qualified property additions placed in service in 2013. In 2014, special deprecation is only available for long production-period property and certain aircraft.

Other provisions expiring in 2013 include:

  • The Differential Wage Payment Credit
  • The tax credit for new energy-efficient homes
  • The tax credit for 2- and 3-wheeled plug-in electric vehicles
  • The research credit for the cost of increasing research activity
  • The domestic producer deduction for Puerto Rican activities

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.