A recently released Treasury study examined business use of Section 179 expensing and bonus depreciation. The study found that in 2008, construction was the industry that made the most use (16%) of Section 179 expensing, while manufacturing firms accounted for the largest share (23%) of bonus depreciation.
The Small Business Administration approved more than 70,000 loans in the 7(a) and 504 loan programs in fiscal year 2016. The 7(a) program provides small businesses with comprehensive financial assistance, including working capital, and fixed and intangible asset financing. The 504 program offers long-term fixed rate financing for businesses to acquire fixed assets for expansion or modernization. These programs together provided nearly $28.9 billion to small businesses and supported nearly 694,000 jobs.
Millennials feel disconnected to their employers’ mission. Only a little more than a third of them strongly agree that the mission or purpose of their organization makes them feel their job is important, according to a recent report from Gallup (How Millennials Want to Work and Live).
Inflation adjustmentS were made to the 2017 estate tax exclusion but not the gift-tax annual exclusion. For 2017, each individual is entitled to a unified credit that effectively exempts up to $5.49 million from federal gift and estate tax. Using the credit against gift tax reduces the amount that can be protected from federal estate tax. However, a separate gift-tax exclusion allows individuals to make tax-free lifetime gifts without using any of their unified credit. The current gift-tax annual exclusion amount is $14,000 per gift recipient, per year.
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