For the upcoming 2014 tax year, Section 179 has been restored to its original limits of $25,000 plus an adjustment for inflation.
What does this mean?
This means that if you buy (or finance) a piece of equipment, you can deduct the Full Purchase Price (up to $25,000) from your gross income.
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.
Contact The SolidExperts today in order to take advantage of this tax benefit!