Connections
Section 179 Updates for 2012
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 2012 tax year. Following are the highlights for the 2012 tax year:
2012 Deduction Limit = $139,000
Section 179 Deduction limit after adjustment for inflation has increased to $139,000 (maximum allowance would have been only $25,000 prior to the new legislation).2012 Limit on Capital Purchases = $560,000
Section 179 Threshold for total of equipment & software that can be purchased has increased to $560,000 (threshold would have been only $200,000 prior to the new legislation).2012 Bonus Depreciation = 50%
The new law allows 50% “Bonus Depreciation” on qualified assets placed in service during 2012
For more information about Section179 visit Section179.org
Made in America
As the nation is now seeking job creation, a strong dollar and most importantly American Made Products, ABC ‘World News’ has issued a challenged to all those in tune with the economy to keep America #1. They are challenging everyone to: buy American made products/services, and hire American workers to fulfill American Jobs.
“As the print-finishing industry is one of the most underestimated industries out there, one company has taken the effort to promote the American Made Challenge–Lloyds of Indiana, Inc.; As their wonderful “Assurance through Experience” resonates with their newly turned aged of 25 years, Lloyds of Indiana is sure to become one of the most lasting, and most memorable companies of 2012.” — Made in USA.
SECTION 179 TAX ALERT
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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