The Section 179 reduction is making the news as well as its way around the blogosphere alot lately!
"The bewildering U.S. tax code offers some relief, too. Cash-strapped businesses with significant hard assets can take advantage of Section 179, a provision that allows deductions for "tangible" assets such as property and equipment.
In 2007, the maximum deduction was just $125,000, but for 2008 and 2009, the IRS raised the amount to $250,000. If you're thinking of buying, say, a new truck and want that deduction, do it within the next year because the maximum deduction will drop back down to $125,000 in 2010. (For a complete description of property eligible for Section 179 deductions, email me.)""For small businesses, take advantage of Section 179 expensing of asset purchases. Get qualified help here."
"If your law practice has less than $810,000 in depreciate property (and who among us does not), Section 179 of the tax code now lets you deduct up to $250,000, which is up from $125,000 last year, on purchases of new equipment."
If you are looking for exact details about Section 179 as well as details on what type of equipment is covered, or other deductions such as Domestic Production Activities Deduction, Self-Employment Tax, Social Security & Medicare Taxes, Standard Mileage Rates, Qualified Transportation Fringe Benefits, or Work Opportunity Credit, click here for the official IRS outline.
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