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The Auto Truck Group is urging small businesses to take advantage of the federal Section 179 deduction on equipment that allows a deduction of as much as $500,000 on new and used equipment purchases.
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The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) permanently sets the Section 179 cap at $500,000. Section 179 allows businesses to deduct the cost of certain new and used property, including certain motor vehicles.
Read More →Section 179 allows a taxpayer to deduct the cost of certain types of property on their income taxes. The petition aims to reinstate the Section 179 deduction at $500,000 for 2015. Currently, it has fallen to $25,000.
Read More →With a decrease in Section 179 expensing limits for 2014, businesses may look to leasing as an attractive option.
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Mitsubishi Fuso Truck of America advises that Section 179 of the U.S. Internal Revenue Code (commonly referred to as IRC-179) allows businesses to expense up to $500,000 in tax year 2013 for certain capital expenditures, including commercial work trucks like the FUSO Canter FE/FG Series.
Read More →Within the 2012 Taxpayer Relief Act, the maximum amount of Section 179 deductions has been changed and bonus depreciation extended.
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