John Bullis: What about depreciation deduction in 2014?

For 2012 and 2013 if your business purchased equipment, you could claim the entire cost as a deduction in the year of purchase — up to $500,000. Until the law for 2014 is changed, the Section 179 deduction is limited to $25,000. For 2014, we just don’t know yet. Congress may elect to make the Section 179 depreciation deduction the same as in 2013, but they have not acted on that yet.