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Corporation Electronic Filing Requirement for VA State Tax-

based on the 2012-2014 Appropriations Act, all corporations are required to file their estimated tax payments, annual income tax returns and final payments electronically beginning January 1, 2013.  This includes returns, tax due and extension payments for taxable year 2012, and estimated payments for year 2013. 

2013 Automobile Depreciation Limits announced by IRS -  

Passenger automobiles placed in service during year 2013 to which 50% bonus depreciation* applies - $11,160 limit; trucks and vans - $11,360 limit. 

Passenger automobiles placed in service during year 2013 to which 50% bonus depreciation does not apply - $3,160 limit; trucks and vans - $3,360.

Bonus depreciation doesn't affect the limits after the first year. For passenger automobiles the limits are $5,100 - 2nd year, $3,050 - 3rd year and $1,875 - for each succesive tax year.  For trucks and vans the limits are $5,400 - 2nd year, $3,250 - 3rd year and $1,975 fo each successive year.

 

*Bonus Depreciation enables businesses to deduct half the cost of qualifying property in the year it is placed in service. You may be able to take an additional first year special depreciation allowance for certain qualifying property (defined below). The allowance is an additional deduction of 50 percent of the property’s depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction).

Property that qualifies for this special depreciation allowance includes the following.

  • Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less
  • Water utility property
  • Off-the-shelf computer software
  • Qualified leasehold improvement property