Dec 1, 2011 Important 4th quarter tax planning implications – to take advantage of the incentives, you must act by the end of this month. Both the ‘Tax Relief Act of 2010’ as well as the ‘Jobs Act of 2010’ that passed in late 2010 affected Section 179 in a positive way for this 2011 tax year. The newest changes are as follows:
- The Section 179 Deduction limit increased to $500,000.
- The total amount of equipment that can be purchased increased to $2 million. This includes most new and used capital equipment, and also includes certain software.
- “Bonus Depreciation” increased to 100% on qualified assets. However, this can be taken on new equipment only.
When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation – unless the business has no taxable profit in 2011.
Also, many businesses find Section 179 Qualified Financing to be an attractive option in 2011.
- What is Section 179?
- What equipment qualifies for the Section 179 Deduction?
- Any difference between Section 179 & Bonus Depreciation?
- Can I lease equipment and still qualify for Section 179?
- Does software qualify for Section 179?
- What impact did all the Stimulus Acts have on Section 179?
- How do I elect to take the Section 179 Deduction?
For additional information about Sect 179 please visit www.Section179.org.
Lloyd’s of Indiana, Inc. is a supplier of graphic finishing products including laminating, binding, paper handling and other finishing equipment. We offer a complete line of printers, supplies and accessories for identification and Id badge printing.
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