HOUSE PASSES SECTION 179
The House or Representatives was busy December 5th with it’s decision whether or not to extend Section 179 for 2014, extending deduction from $25,000 to $500,000. This means that as long as the equipment is purchases and in use by midnight, December 31st, a businesses can deduct the full cost of qualifying equipment from their 2014 taxes. While originally the deduction limit was set to $25,000, the extension passing would expand this deduction to $500,000. Hopefully the extension will be considered before the end of December, though if it does not clear Congress beforehand discussions may continue into January of the new year.
Stay updated with decisions regarding Section 179 through Balboa Capital and find out if and when the new extension takes place!