Featured Testimonial: Baldwin Care Center Campus

BY Bauman Associates

Baldwin Care Center Tax Accounting Business Advisory Services Testimonial for Bauman Associates CPA Firm

Our long-term-care organization, comprised of a skilled nursing facility and elderly apartment setting, was at an important juncture a few years ago.

Services needed to be expanded, but expansion was going to be financially challenging. Bauman understood how important this project was to the survival of our organization and assisted us with the preparation of the financial projections we needed. Their assistance with this important project and the inclusive, value-based financial services package that they provide are among the reasons that they have been our accounting firm for the last 30 years.

Eileen LaFavor
Administrator
Baldwin Care Center Campus

IRS Updates Vehicle Depreciation Limits for Automobiles

BY Chad Ryder

The Internal Revenue Service recently revised the depreciation limits for business-use passenger automobiles, trucks and vans first placed in service during calendar year 2016. The updated amounts under Revenue Procedure 2016-23 are in table format below.

Passenger Automobiles: The maximum depreciation limits under Code Sec. 280F for passenger automobiles first placed in service during the 2016 calendar year are:

  • 1st tax year: $3,160
  • 2nd tax year: $5,100
  • 3rd tax year: $3,050
  • Each succeeding tax year: $1,875

Trucks and Vans: The maximum depreciation limits under Code Sec. 280F for trucks and vans first placed in service during the 2016 calendar year are:

  • 1st tax year: $3,560
  • 2nd tax year: $5,700
  • 3rd tax year: $3,350
  • Each succeeding tax year: $2,075

When bonus depreciation rules apply, the first year limitation is $11,160 for personal automobiles and $11,560 for trucks and vans. In both cases, limitations for subsequent years remain the same. The professionals in our office can answer the questions you may have on the updated auto depreciation limits, call on us today.