Tax News – Section 179
Section 179 Increased to One Million for 2018
Jan 2, 2018 – With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased to $2.5 million.
Further, the bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation also now includes used equipment.
See fully updated 2018 Section 179 Calculator to see how this tax deduction affects your company.
For the most up-to-date information on Section 179 and the deduction limits visit www.section179.org.
What is Section 179?
Section 179 of the U.S . Tax code allows you to buy or lease qualifying equipment and/or software and then take a full tax deduction in on the purchase in the year of the purchase.