Section 179 Business Deduction Returns
It was late in the game, but on December 19th, 2014, H.R. 5771, the Tax Increase Prevention Act of 2014 retroactively expanding the Section 179 deduction limits thru 12/31/2014 has been enacted. The new law reinstates the limit on Section 179 to $500,000 as well as reinstates 50% Bonus Depreciation.
If you have been thinking about purchasing some new equipment (i.e. a new Polaris Ranger, Kawasaki Mule, Yamaha ATV, etc.) for your business, then there has never been a better time than now. By taking advantage of Section 179 and bonus depreciation, you can bypass those pesky depreciation schedules and in some cases write off up to 100% of your purchases during the 2014 calendar year*.
*Tax laws can be tricky and each person’s tax situation varies. The staff at Woods Cycle Country aren’t tax experts and we can’t offer individual tax advice. Please discuss the Section 179 deduction and the bonus depreciation with your tax advisor or CPA to make sure that the benefits of this law apply to you. Just don’t forget that all equipment purchases must be made by midnight on 12/31/2014, and that’s the part we can help with.