What's the best way to take advantage of Section 179? |
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Balboa Capital
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What's the best way to take advantage of Section 179? |
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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?
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Tue Nov 06, 2012 6:24 pm |
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clydewolf
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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.
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Tue Nov 06, 2012 7:29 pm |
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Balboa Capital
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Cash: $ 3.45
Posts: 16
Joined: 11 Oct 2012
Location: Irvine |
Thanks. Clyde |
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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?
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Thu Nov 15, 2012 9:26 pm |
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Balboa Capital
Member
Cash: $ 3.45
Posts: 16
Joined: 11 Oct 2012
Location: Irvine |
Section 179 Deduction Limit Increased to $500K in 2013 |
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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?
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Tue Jan 08, 2013 12:21 am |
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