Electing Section 179 | Form 4562
The Section 179 IRS tax code may sound complicated but it’s actually quite easy to understand and well worth your while to do so. In short, Section 179 allows businesses of all sizes working in the private and public sector to depreciate the entire cost of software and equipment in the year it is purchased, as opposed to depreciating the cost over the lifetime of the asset. As a result, it’s a great incentive for a profitable business to minimize tax liability while reinvesting in the company.
Section 179 deduction limits have varied over the years, …read more
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