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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 Two Most Common Section 179 Questions
Answers to the Two 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 before December 31st. See the handy Section 179 Calculator that's fully updated for 2014.
What Sort of Equipment Qualifies in 2014?
Most tangible business equipment qualifies.
Click here for qualifying property.
Also, many businesses are finding Section 179 Qualified Financing to be an attractive option.