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IRS Code Section 179

Section 179 is the permanent deduction at the $500,000 level. 

Businesses exceeding a total of $2 million of purchases in qualifying equipment have the Section 179 deduction phase-out dollar-for-dollar and completely eliminated above $2.5 million. Additionally, the Section 179 cap will be indexed to inflation in $10,000 increments in future years. 50% Bonus Depreciation will be extended through 2019. Businesses of all sizes will be able to depreciate 50 percent of the cost of equipment acquired and put in service during 2015, 2016 and 2017. Then bonus depreciation will phase down to 40 percent in 2018 and 30 percent in 2019. Section 179 can provide you with significant tax relief for this 2017 tax year, but equipment and software must be financed and in place midnight December 31, 2017. 

#USTaxCode #economy #economicdevelopment #Taxes #TaxDeductions #TaxCredits

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