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![]() Electing the Section 179 Deduction | Form 4562 If you are a small or medium sized business owner who has purchased or leased equipment in 2009 and placed it into service during the calendar year, then you need to elect to take the Section 179 Deduction to ensure that your business captures the available tax savings (it is not automatic - you must elect to take it.) You elect to take the deduction when you file your tax return for the year, whether you are filing on time or received an extension.
How to take the Section 179 Deduction To elect to take the Section 179 Deduction, simply fill out Part 1 of IRS form 4562, available for free below, and attach it to your tax return (much like any other additional form, such as a "Schedule C" or similar.)
Is there anything else I should know? The Section 179 is taken on an item by item basis, and you do not have to use it on all eligible property bought during the year if you do not wish to do so.
Extensions and Amended Returns You may claim Section 179 deductions up to the due date (including extensions) for filing your taxes for the tax year you are claiming the deduction. This means that you are not allowed to claim Section 179 for previous tax years.
Please note You must keep complete records of the business equipment you leased or purchased during the year, including where you acquired the equipment from and the date the equipment was acquired and placed into service. If filing for 2008, the equipment must have been leased or purchased and placed into service between January 1, 2008 and December 31, 2008.
Section 179.org
This website was designed to answer your questions regarding the Section 179 Deduction, and to explain the impact the Economic Stimulus Act of 2008 (H.R. 5140) as well as the American Recovery and Reinvestment Act of 2009 has had on Section 179. The information on this site will clearly explain the Section 179 Deduction in plain terms; will go over what property qualifies under Section 179 for the deduction; and will explore the myriad of ways the Section 179 deduction can impact your bottom line. In addition, there are IRS forms, and also tools for you to use, like the free Section 179 Deduction calculator. Section 179 Org | Disclaimer | Copyright © 2008-2009 |
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