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Simplifying Section 179

Home / Simplifying Section 179

Fast Facts about the Section 179 tax deduction

This page gives you a quick “big picture” overview of Section 179. The individual pages for each aspect go a little deeper into the details (and we include links to them for ease of use), but this page serves nicely as a quick primer for the Section 179 tax deduction.

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, finance or lease equipment this year.

Section 179 is valid on most types of equipment.

Section 179 really helps companies, because it is aimed at general business equipment, as well as off-the-shelf software. In other words, 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 and/or software substantially. And these benefits can be further expanded if you choose to lease or finance your equipment and software using Section 179 Qualified Financing.

Section 179 is simple to use.

All you need to do is buy (or finance/lease) the equipment, and use a special IRS form. That’s it. Details here.

Section 179 must be used by the end of the year.

To qualify for a Section 179 deduction, the equipment must have been purchased (or leased/financed) and placed into service by midnight, December 31st of the year you are taking the deduction for.

Section 179 can change from year to year.

For the past several years, Congress has raised the deduction limit, let higher limits expire, then raised them again. The various tax and stimulus acts have also affected Section 179 over the years. The best way to stay on top of Section 179 is to visit Section179.Org often.

There is simply no better time than now.

You should definitely take advantage of Section 179 and the Bonus Depreciation. Why? Because it is a Use-It-or-Lose-It write-off.

The ‘Section 179 Deduction’ Helps Your Business!




  ABOUT THIS SITE

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 2023 tax year.    

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ARCHIVED REFERENCES

  • Overview of Depreciation
  • Economic Stimulus Act of 2008
  • American Recovery & Reinvestment Act of 2009
  • HIRE Act of 2010
  • Small Business Jobs Act of 2010
  • Tax Relief Act of 2010

SECTION 179 DEADLINE

Home | Section 179 Deduction | Impact of Stimulus Acts | Property that Qualifies | Non Qualifying Property | Vehicles & Section 179 | Software & Section 179 | Section 179 Calculator | Leases & Section 179 | Simplifying Section 179 | Special Deduction Zones | Electing the Deduction | Section 179 FAQ's | Equipment Vendors & Section 179 | Previous Years | Op Ed | Disclaimer | Contact Section 179

Section179.Org Section179.Org
  • Section179 Explained
    • Section179 Current Year
    • Qualifying Property
    • Non-Qualifying Property
    • Vehicles and Section 179
    • Software and Section 179
    • Electing the Deduction
    • Section179 Simplified
    • Section 179 Amendments
    • Previous Years
    • Section179 FAQs
  • Section179 Calculator
  • Qualified Financing
  • Equipment Sellers
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