Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-17-2008, 03:53 AM
Junior Member
 
Join Date: Mar 2008
Posts: 4
Bonus depreciation on software

I recently bought a software and want to know if I can take bonus depreciation for the State on top of the section 179 for federal.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-24-2008, 02:10 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,400
Blog Entries: 3
No, you cannot do that, it would mean that you would be doubling up the depreciation amounts.

Usually, the section 179 federal depreciation amounts would automatically be carried over to the state, unless the State does not accept the federal rules. The tax program will resolve the State and Federal differences and so the taxpayer would not be required generally to make any modifications on the State.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Severance/Bonus Pay Received From Another State aaronb Income 0 03-13-2008 12:40 PM
payroll tax software shaui Miscellaneous 1 03-11-2008 02:22 PM
What method is used to write-off software used in business? Majid Depreciation 0 03-03-2008 12:42 AM
What is the best Tax software available for a small business? Sabby Miscellaneous 2 11-25-2007 04:36 PM
Must I pay estimated taxes immediately after I receive a big bonus? Tanya Estimated Taxes 1 07-30-2007 03:21 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning