179 Small Business Tax Deduction
THE SECTION 179 TAX DEDUCTION
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Dec 18, 2015 The Section 179 Tax Deduction for 2015 passed the House and Senate, and has been signed into law. In short, Section 179 allows small business to get their entire depreciation deduction in one year, instead of taking the deduction over a number of years.
What does this Mean for you?
1. Qualifying equipment with a purchase price up to $500,000 may be deductible for the current tax year.
2. Section 179 Deductions can include both New and Used equipment purchases and replacement parts purchases.
Coupled with Our End of the Year Savings, Makes for a great savings on Items you know you are going to need!
Save 5% on Orders over $1,000
Save 10% on Orders over $2,500
Save 15% on Orders over $5,000
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- 2015 Deduction Limit = $500,000 - This is good on new and used equipment, as well as off-the-shelf software. This limit is only good for 2015, and the equipment must be financed/purchased and put into service by the end of the day, 12/31/2015.
- 2015 Limit on equipment purchases = $2,000,000 - This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis.
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The tax deduction is applies to new and used equipment, which must be financed or purchased by the end of the
day on Dec. 31, 2015. |
Section 179 is really very simple – you buy or lease qualifying equipment and/or parts, and then take a full tax deduction on it this year (also, there are a few other things, which we’ll go over, but in a nutshell, that’s the idea). To give you an estimate of how much money you can save, here's a Section 179 Deduction Calculator to make computing Section 179 deductions simple, and we’ve also detailed the changes in Section 179 due to the various Stimulus Acts -- that have extended and further enhanced the Section 179 and Bonus Depreciation limits.
Please note that this Section 179 Calculator fully reflects the new Section 179 limits and any and all amendments / bonus depreciation calculation brought about by any new legislation passed within the PATH Act of 2015
Please note: ProParts Direct & Turf Depot are not tax advisors – rather, we are small business owners, encouraging you to research this deduction. This page is provided for reference purposes only – consult a tax professional for more information.