Tax Benefits/Section 179 for New/Used Equip. Purchases

I am often asked by clients about Tax Benefits / Section 179 of the U.S. Tax Code for new / used equipment purchases.

As businesses look to minimize their tax liability, Section 179 is the best Tax Benefits tool the government has to stimulate small and medium businesses.  Section 179 Tax Benefits is not meant for conglomerates; Section 179 is for small and medium sized businesses.  It’s a tax deduction that lets a business write off the full value of qualifying equipment, new or used.

Under Section 179 of the tax code, a business taxpayer can currently deduct, or “expense”, qualified assets placed in service during the year, up to a specified amount.  After a series of extensions (with some modifications), a maximum deduction of $500,000 was allowed for 2013, subject to a phase-out for assets costing more than $2 million.  However, when this provisions expired after 2013, the limit for 2014 reverted to a paltry $25,000 with just a $200,000 phase-out threshold.

There is on-going debate in United States Congress regarding extending Section 179 Tax Deduction / Tax Benefits, which is due to expire in 2015.

To read more about Section 179 click on the link below to read the entire article.

Tax Benefit, Understanding Section 179 of the U.S. Tax Code


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REF. – The LeaseGuy (September 23, 2015)