Protecting Americans from Tax Hikes (PATH) Act
Tax Cut & Jobs Act
Section 179 is a provision in the tax law allowing a deduction, in the year of purchase, for the entire costs of qualified property. What is qualified property? A brief description is shown below. This is a complex tax issue. Seek tax advice before making any purchase solely to receive a tax benefit.
Bonus Depreciation: is similar to Section 179. Qualified property varies and the income limitation differs from Section 179.
Legislation could/has/will change these provisions.
Qualifying equipment: Furniture, fixtures, machinery, computer devices, any equipment, tools, etc. used in business. Certain automobiles will also qualify. Certain capital improvements will qualify.
Seek tax advice.
Myra B. Carlisle, CPA