Section 179 for 2013
Section 179 Deduction was extended in
the Fiscal Cliff Bill!
If you are doing lease-financing on equipment or livestock this year, you can write off the entire amount up to $500k. Here are the new Section 179 Deduction limits for 2013:
•2013 Deduction Limit = $00,000 (was $139,000)
•2013 Limit on Capital Purchases = $2,000,000
•2013 Bonus Depreciation = 50%
*Please Note: The above limits are as of 1/1/2013, and are for tax year 2013. In addition, 2012's old limit ($139,000 deduction) has now been raised to $500,000 as well. This means qualifying purchases you made in 2012 can now take advantage of the new, higher deduction limits.
**Please Note: Section 179 Deduction is available for most new and used capital equipment, and also includes livestock. Disclosure.....We are not tax accountants, so please consult with your CPA to learn more about Section 179.