Wednesday, February 11, 2015

Recent law increased Section 179 deduction

Recent law increased Section 179 deduction

Did you purchase and begin using new or second-hand business equipment during 2014? Thanks to a year-end tax law extension, you can deduct up to $500,000 of your costs on your 2014 federal income tax return. The $2,000,000 overall limit was also reinstated, meaning your deduction is reduced when your annual equipment purchases exceed that amount.

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