NEWS ALERT: Feb 25, 2011 Two congressional acts affecting Section 179 in a positive way for this 2011 tax year passed in late 2010 (The Tax Relief Act of 2010 and The Jobs Act of 2010). The newest changes are as follows:
The Section 179 Deduction limit was increased to $500,000. The total amount of equipment that can be purchased was increased to $2 million. This includes most new and used capital equipment, and also includes software.
The “Bonus Depreciation” was 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.
For more information please visit: http://ht.ly/4l9a9