section 179 for 2014 returns to its original benefit amount...for now
DESCRIPTION
Section 179 turned the corner into 2014 in its original benefit form. We're thinking that it's going to be changed in time to pad the political outcomes of our politicians by November...late by anyone's standards to be real effective, but that's the way it's been for the past several years. Stay tuned to our pages as we will track any and all updates during the year.TRANSCRIPT
20 Divison Street, Coldwater, MI 49036 t: 888-510-1355 x99 f: 888-548-9213
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Section 179
Tax Implications for 2014
Section 179 of the IRS tax code allows businesses that spend less than $2,000,000 a year on qualifying equipment to deduct up to the full purchase price – up to $25,000, purchased or financed, new or used – during the tax year. That means that if you buy or finance qualifying equipment for your tire and auto repair dealership, you may be able to deduct the entire purchase price from your gross income – up to $25,000. Though the deduction amount is lower compared to recent history, it still offers dealers with an opportunity to reduce their tax burden and boost store cash flow. Equipment buyers should consult their tax advisor to confirm eligibility.
Section 179 may be amended during the 2014 calendar year. To maintain awareness of any changes, bookmark this Curtis Funding Group web page so you can readily access the latest information about equipment expensing limits, or contact us anytime to discuss your options.
Qualifying Equipment (equipment purchased must be put into use between 1/1/2014 and 12/31/2014) Equipment, machines, etc., acquired for business use Tangible personal property used in business Business Vehicles with a gross vehicle weight in excess of 6,000 lbs Computers and computer "Off-the-Shelf" Software Office furniture, office equipment, fixtures Property attached to your building that is not a structural component of the building (e.g., a printing press, large manufacturing tools and equipment) Partial Business Use (generally, equipment that is purchased for business and personal use)
Sample Calculation:
The calculator above presents a potential tax scenario based on typical assumptions that may not apply to your business. This page and calculator are not tax advice. The indicated tax treatment applies only to transactions deemed to reflect a purchase of the equipment or a capitalized lease purchase transaction. Consult your tax advisor to determine the tax ramifications of acquiring equipment or software for your business.