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What is the Section 179 Deduction?
Section 179 of the IRS Tax Code allows a business to deduct, for the current tax year, the full purchase price of financed or leased equipment and off-the-shelf software that qualifies for the deduction. The equipment purchased, financed or leased must be within the specified dollar limits of Section 179, and the equipment must be placed into service in the same tax year that the deduction is being taken (for example, the equipment must be put into service between January 1st and December 31st of the year the deduction is to be taken.)
Important Changes to Section 179 in 2016: The deduction limit for Section 179 is now $ 500,000 and the 2016 Section 179 deduction threshold for the total amount of equipment that can be purchased is now $ 2,000,000!
Another great part of section 179 is that there is a 50 percent bonus depreciation for the tax year 2016 and it has been extended through 2019. What that means is you can deduct an additional 50 percent of the amount over $ 500,000 in addition to your standard depreciation deduction. This applies to equipment acquired and put into service during 2016 and 2017. Unfortunately at this point though the bonus depreciation will phase down to 40 percent in 2018 and 30 percent in 2019.