ATTN BUSINESS TAXPAYERS! Section 179 Deductions will dwindle to 25,000 in 2014

The bonus depreciation tax break is set to expire on December 31st, and the dollar limits for Section 179 are to drop from $500,000 with a $2.5 million to $25,000 with a $200,000 ceiling.

Ashlea Eberling suggests that it makes sense to accelerate purchases before year’s end citing that under section 179 as it presently stands, a small business owner may deduct the entire cost of up to $500,000 of equipment that has a 20-year life.

 

–Forbes

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