Section 179 for 2014
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Section 179 has been up in the air for 2014.
On June 12, 2014 the U.S. House of Representatives passed H.R. 4457. This would permanently extend Section 179 of that tax code to allow small businesses to expense up to $500,000 starting in 2014. Currently small businesses can expense up to $25,000. H.R. 4457 is still waiting approval from the Senate. This is a step in the right direction for small businesses across the country. By increasing the amount it gives small businesses the opportunity to purchase more equipment that will help their businesses grow and be successful and provide them with a larger tax deduction.
We will provide updates here as they become available.
For 2013 Section 179 limits were:
2013 Limit for deductions: $500,000
2013 Limit for capital purchases: $2,000,000
2013 Bonus depreciation: 50%