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Business owners across the nation are still waiting on guidance from the U.S. Government as it relates to the Section 179 tax deduction. The generous deduction expired on December 31st, 2013 and has not been extended as of today. Section 179 has been restored to its original limit of $25,000 plus an adjustment for inflation.
Section 179 of the Internal Revenue Code allows businesses to deduct the full price of equipment and/or software placed in service during the tax year up to the annual limit. Both new and used equipment qualify for Section 179. For used equipment, the deduction is available as long as the used equipment is new to the owner. This legislation has provided businesses with the benefit of investing in themselves with the added benefit of an immediate current year deduction from income.
The general consensus is that the tax deduction will be retroactively extended at some point after the 2014 mid-term elections. We will continue to monitor this process.
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