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NEWS ALERT: EXPANDED LIMITS FOR 2014 PASSED THE SENATE TUE NIGHT

Updated Dec 17, 2014 -  H.R. 5771 (the Tax Extenders Bill) passed by the House on Dec 3, 2014 was voted on and passed by the Senate on Dec 16, 2014 retroactively expanding the Section 179 deduction limits thru 12/31/2014.

IMPORTANT NOTE> Only this 2014 tax year will be covered by this measure - therefore it is a good business decision for many to buy/finance equipment immediately to make the December 31, 2014 cutoff for the write-off provisions.

Repeat, this new provision does NOT cover tax year 2015, the law covers tax year 2014 only! To obtain Section 179 Qualified Financing for your business, you must apply immediately to make the cut-off at midnight 12/31/2014.

Keep up with the Bill that reinstates the limit on Section 179 to $500,000 as well as reinstates 50% Bonus Depreciation: H.R. 5771: Tax Increase Prevention Act of 2014 (aka Tax Extenders Bill) via govtrack here: http://link.crestcapital.com/hr5771

Technically, the bill is a one-year, retroactive extension of the tax breaks, even though it only lasts through the end of the month. This site will be updated to reflect these changes shortly. The Section 179 Calculator is already fully updated. Click Here for fully updated Section 179 Calculator.

Answers to the Three Most Common Section 179 Questions

How Much Can I Save on My Taxes in 2014?
It depends on the amount of qualifying equipment and software that you purchase and put into use. See the handy Section 179 Calculator that's fully updated for 2014, and includes all increases from H.R. 5771 passed on Tuesday.

What Sort of Equipment Qualifies in 2014?
Most tangible business equipment qualifies. Click here for qualifying property.

When Do I Have to Do This By?
Section 179 for 2014 expires midnight, 12/31/2014. If you wish to deduct the full price of your equipment from your 2014 taxes and take advantage of the new higher deduction limits, it must be purchased and put into service by then.

Many businesses are finding Section 179 Qualified Financing to be an attractive option in 2014, especially since the year-end increases don't leave much time for action. Please apply today.

More Section 179 Deduction Questions Answered

Welcome to Section179.Org, your definitive resource for all things Section 179. We've brought together a large amount of information regarding Section 179, and clearly and honestly discuss the various aspects of IRS §179 in plain language. This will allow you to make the best possible financial decisions for your company.

Section 179 can be extremely profitable to you, so it is to your benefit to learn as much as possible. To begin, you may have a lot of questions regarding Section 179 such as:

We’ll answer all of these questions, and make certain that you come away with all of the knowledge you need to make smart business decisions in this 2014 tax year regarding equipment and/or software purchasing and Section 179.

Why? Because if you've been thinking about buying or leasing new equipment and/or software, it's definitely to your advantage to use this excellent tax break.

Successful businesses take advantage of legal tax incentives to help lower their operating costs. The Section 179 Deduction is a tax incentive that is easy to use, and gives businesses an incentive to invest in themselves by adding capital equipment. In short, taking advantage of the Section 179 Deduction will help your business keep more capital, while also getting needed equipment, vehicles, and software.

Free Tools that Make Calculating Section 179 Deductions Simple

Section 179 is really very simple. You buy, finance or lease qualifying equipment and/or software, and then take a full tax deduction on it this year (also, there are a few other things, which we’ll go over, but in a nutshell, that’s the idea). To give you an estimate of how much money you can save, here's a Section 179 Deduction Calculator to make computing Section 179 deductions simple.

If you use the calculator, take note of the savings on your tax obligation. Many people find that, if they lease or finance their Section 179 qualified equipment, the tax savings actually exceed the first year's payments on the equipment (making buying equipment profitable for the current tax year). This is perfectly legal, and a good example of the incentive that Section 179 provides small and medium businesses.

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This website was designed to answer your questions regarding the Section 179 Tax Deduction, and to explain the impact the various Stimulus Acts have 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 tax forms and also tools for you to use, such as the free Section 179 Deduction Calculator currently updated for the 2014 tax year.