2015 Tax Benefits Increased to Adjust for Inflation
Section 179 Tax Extension Passed
On December 19, 2014, President Barack Obama signed H.R. 5771 into law, thereby retroactively extending the Section 179 tax expensing through tax year 2014. This extension will benefit equipment manufacturers, equipment vendors, and business owners nationwide.
Under the Section 179 expansion, business owners may deduct bonus depreciation and up to $500,000 worth of qualifying equipment and property that was bought or financed and put into use during the 2014 tax year.
As of December 31, 2014, the Section 179 expansion ended and the deduction limit was reduced to $25,000, with no bonus depreciation. It is currently unclear whether Congress will choose to restore the extended Section 179 tax limits for tax year 2015.
To find out whether or not your business has qualifying equipment of property and how this extension might otherwise affect you, please contact Chappano Wood at email@example.com or (614)-228-4422.
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Last updated 18-Jan-2016.