Pay attention to your equipment purchases

Assets put in use by Dec. 31 can be expensed. For 2013, firms can expense up to $500,000 of assets put in use during the year. The $500,000 limitation phases out dollar for dollar once more than $2,000,000 of assets are placed in service during the tax year. Both new and used assets are eligible for this break. Unless Congress acts, the ceiling for next year will decrease to around $145,000 and the phaseout will start around $580,000. Take advantage of the higher limit now.