IRS-SECTION 179

NEWS FLASH!

Congress approves IRS-SECTION 179!  If you were hoping to take advantage of this tax incentive, you have until December 31, 2014 to take advantage!

What is IRS-Section 179? It is a deduction specifically for small and medium-sized businesses. How can I qualify for the new IRS-Section 179? Businesses that purchase, finance or lease less than $2,000,000 in new or used business equipment during the 2014 tax year qualify. Most standard shelf software and company vehicles qualify.

Businesses that buy certain types of equipment, write them off a little at a time through depreciation. If businesses could write off the entire amount, they would be able to add more equipment this year instead of going through the waiting process the next few years. The purpose behind Section 179 is to help increase businesses to move in a positive direction and create more room for equipment costs. To qualify for the Section 179 Deduction, equipment and software purchased or financed must be placed into service between January 1^st and December 31^st of 2014.