Section 179 Deduction

Limited deduction available for 2014, but still valuable Section 179 allows you to immediately deduct the entire purchase of new or used depreciable business equipment, instead of capitalizing it and depreciating the asset over its useful life—which usually is several years. For 2012 and 2013, this deduction was allowable up to $500,000. Because Congress failed to extend the provision, however, Section 179 reverted back to the deduction limit of $25,000 going forward.

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