Section 179 Tax Updates

garry · Dec 15, 2011

quote from section179.org

Dec 1, 2011 Important 4th quarter tax planning implications – to take advantage of the incentives, you must act by the end of this month. Both the ‘Tax Relief Act of 2010′ as well as the ‘Jobs Act of 2010′ that passed in late 2010 affected Section 179 in a positive way for this 2011 tax year. The newest changes are as follows:

The Section 179 Deduction limit increased to $500,000.

The total amount of equipment that can be purchased increased to $2 million. This includes most new and used capital equipment, and also includes certain software.

“Bonus Depreciation” increased to 100% on qualified assets. However, this can be taken on new equipment only.

When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation – unless the business has no taxable profit in 2011.

Also, many businesses find Section 179 Qualified Financing to be an attractive option in 2011.
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What is Section 179?
What equipment qualifies for the Section 179 Deduction?
Any difference between Section 179 & Bonus Depreciation?
Can I lease equipment and still qualify for Section 179?
Does software qualify for Section 179?
What impact did all the Stimulus Acts have on Section 179?
How do I elect to take the Section 179 Deduction?

For additional Information about Section 179 visit PrintFinishBlog.com

glueater · Jan 12, 2012

Section 179 lets you write off depreciation for equipment and business purchases all at once, instead of over time. Basically, all business-related equipment qualifies.

No you, can't lease and Section 179 it -- it must be purchased.

Yes, you can write off software under 179.

That's what I know about Seciton 179. Hopefully someone else can answer the rest.

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Section 179 Tax Updates

garry Member

glueater New Member

SEction 179 Tax Updates - JAN '12