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Did You Know That In 2013 Companies Are Allowed To Deduct Up To 500 000 Worth Of Equipment Used For Business Http Www Platinum Tax Deductions Deduction Tax
The section 179 deduction was scheduled to go down to 25 000 in 2013.
Section 179 deduction 2013. Therefore the section 179 deduction is completely phased out for businesses that make at least 2 500 000 of qualifying purchases. Section 179 deduction in action create your own tax break in 2013 tax code section 179 allows small and medium sized businesses to deduct the full purchase of qualifying equipment and or software financed from their gross income during the tax year. The limitation under paragraph 1 for any taxable year shall be reduced but not below zero by the amount by which the cost of section 179 property placed in service during such taxable year exceeds 2 500 000.
The maximum section 179 expense deduction that can be elected for qualified section 179 real property is 250 000 of the maximum section 179 deduction of 500 000 in 2013. This deduction also called first year expensing is a write off for purchases in the year you buy and place the equipment in service i e it s operational for business. 3 limitation based on income from trade or business.
For 2013 a business can deduct up to 500 000 of qualifying purchases the dollar limitation with an overall 2 000 000 limit on capital purchases the investment limitation. And there s still a bonus depreciation of 50. It is an incentive created to encourage businesses to buy equipment and invest in themselves.
For more information see special rules for qualified section 179 real property later. Now 2012 2013. The total amount you can elect to deduct under section 179 for most property placed in service in 2013 is 500 000.
The threshold of total equipment purchased is now 2 000 000. The section 179 deduction applies to tangible personal property such as machinery and equipment purchased for use in a trade or business and if the taxpayer elects qualified real property.
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