Section 179 Federal income tax deduction for 2016, allows a company to deduct the first $500,000 of equipment (Section 179 Property) purchased in 2016 from their taxable income. 2016 Deduction Limit = $500,000 This deduction is good on new and used equipment, as well as off-the-shelf software. This limit is only good for 2016, and… Read More »
IRS Section 179 was enacted as part of the Economic Recovery Tax Act of 1981 as stimulation for business capital equipment purchases. It allows direct deduction of capital equipment purchase rather than the former long term depreciation process. For 2013, the max deduction was $500,000. This year, the deduction was returned to its original amount of $25,000. On… Read More »
The following information is courtesy of our friends at Intech Funding NEW! Tax Incentives for manufacturing companies for 2014 $25,000 WRITE-OFF ($1 and $101 buyout leases qualify!) For 2014 the Federal Section 179 deduction has been restored to its 2001 limit of $25,000 plus an adjustment for inflation. These limits may be adjusted by changes… Read More »
The House has voted to reinstate the accelerated tax write-offs under Section 179 that expired 12/31/13. This time there is no expiration. Senate action and President Obama signature are pending. Details reported by Bloomberg http://www.bloomberg.com/news/2014-06-12/house-votes-to-give-small-business-quicker-tax-writeoffs.html Contact your senator!!
At this moment in October 2013, the section 179 tax deduction is doing well for 2013. Even with the fiscal cliff and sequestration in place, the 100% deduction for 2013 can be at least $500,000 for items (including used machinery) purchased and put into service in 2013. Next is the new bonus deduction of 50%… Read More »
Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t. Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece… Read More »
Section 179 is alive and well in 2012. If you are considering the purchase of new or used equipment, 2012 is more than ever the year to do it. The 2012 deduction is up to $139,000 – a nice bump to the bottom line for any business. Present legislation says the deduction will be reduced… Read More »