Home     Forum     401k     401k Rollovers     Crypto Forum
    Register   Login   Members   Search   FAQs     Recent Posts    



What's the best way to take advantage of Section 179?

Reply to topic
Money Talk > Taxes

Author Thread
Balboa Capital
Member


Cash: $ 3.45

Posts: 16
Joined: 11 Oct 2012
Location: Irvine
What's the best way to take advantage of Section 179?  Reply with quote  

The current Section 179 tax deduction will expire at the end of 2012. What's the best way to take advantage of this generous small business tax incentive?
Post Tue Nov 06, 2012 6:24 pm
 View user's profile Send private message Visit poster's website
clydewolf
Senior Member


Cash: $ 50.25

Posts: 248
Joined: 27 May 2012

 Reply with quote  

Use the 179 deduction to it's fullest advantage in 2012.
Buy those depreciable items for your business now and have the items in use before January 1, 2013. Then you can take the 179 deduction on your 2012 tax return.
Post Tue Nov 06, 2012 7:29 pm
 View user's profile Send private message
Balboa Capital
Member


Cash: $ 3.45

Posts: 16
Joined: 11 Oct 2012
Location: Irvine
Thanks. Clyde  Reply with quote  

The items must be put into place on or before 12/31/12 in order to qualify for the Section 179 deduction. Do you think Congress will keep the low scheduled rate (for 2013) or will they extend the current rate of $139,000 in order to encourage capital investing by small businesses?
Post Thu Nov 15, 2012 9:26 pm
 View user's profile Send private message Visit poster's website
Balboa Capital
Member


Cash: $ 3.45

Posts: 16
Joined: 11 Oct 2012
Location: Irvine
Section 179 Deduction Limit Increased to $500K in 2013  Reply with quote  

I just read some news stories in the NY Times business section that the Section 179 tax deduction limit was increased to $500,000 in 2013, up from $139,000 in 2012, and that this was part of the "fiscal cliff" deal that Congress agreed on last week. The new Section 179 law allows small businesses to deduct up to $500,000 worth of qualifying equipment and property (see the IRS website for a list) from now through 12/31/2013. This is great news for small business owners nationwide because they can now invest in new/upgraded equipment and write it off.

Is anyone planning on taking advantage of Section 179 this year, and do you plan to buy or finance your equipment?
Post Tue Jan 08, 2013 12:21 am
 View user's profile Send private message Visit poster's website

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      


Money Talk © 2003-2022

Crypto Prices