The Section 179 tax deduction can be used by sole proprietors, partnerships and corporations that purchase, finance, and/ or lease less than $2 million in new or used business equipment during tax year 2013. Most tangible goods purchased or financed and placed into service between January 1, 2013 and December 31, 2013 qualify for the Section 179 deduction, including:
•Equipment purchased for use in business
•Tangible personal property used in business
•Business Vehicles with a gross vehicle weight in excess of 6,000 lbs
•Computer “Off-the-Shelf” Software
•Property attached to a company’s building that is not a structural component of the building
•Partial Business Use (deduction based on percentage of time equipment used for business purposes).
The Section 179 deduction decreases on a dollar for dollar scale after $2,000,000 of equipment is purchased. section179.org
Have something to say? Share your thoughts with us in the comments below.