Fast Facts about Section 179
This page gives you a quick “big picture” overview of Section 179 and the impact
of the Economic Stimulus Act of 2008. The individual pages for each aspect go a
little deeper into the details, but this page serves nicely as a quick primer.
- Section 179 is a tax code created to help businesses – By allowing
businesses to deduct the full amount of the purchase price of equipment (up to
certain limits), Section 179 is a fantastic incentive for businesses to purchase
or lease equipment this year
- Section 179 is valid on most types of equipment – There is little
sense in allowing a deduction on obscure equipment, so Section 179 is aimed at
general business equipment. If you use it in your business, it probably
qualifies. See a list of
qualifying Section 179 equipment
- Section 179 can greatly help your bottom line – By deducting the full
cost, you lower the amount you pay for equipment substantially. And these
benefits can be further expanded if you choose to
lease or finance
your equipment
- Section 179 is simple to use – All you need to do is buy (or lease)
the equipment, and use a special IRS form. That’s it.
Details
here
- Section 179 was enhanced for 2008 – The Economic Stimulus Act of 2008
included special provisions for Section 179, and greatly increased the limits on
how much businesses can deduct. There is simply no better time than now to take
advantage of Section 179
The Section 179 Deduction Helps Your Business!
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) 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 links to IRS
forms, and also tools for you to use, like the
free Section 179
Deduction calculator.
References
IRS Publication | Electing the Section 179 Deduction 2008 |
http://www.irs.gov/publications/p946/ch02.html#d0e1927
White House Publication | Economic Stimulus Act 2008 |
http://www.whitehouse.gov/news/releases/2008/02/20080213-5.html