IRS Section 179

Normally, equipment that has a usefull life of more than one year, or one project, must be expensed over several years as depreciation.

The provisions of Internal Revenue Code Section 179 allow a Sole Proprietor, Partnership or Corporation to fully expense tangible property in the year it is purchased.

Additionally, as part of the economic stimulus package passed by congress, the limits have gone up, and the tax savings are huge!

Use the Section 179 calculator below to calculate your savings!!

Eligible Property Includes:

New or used machinery and equipment
Furniture and fixtures
Most storage facilities
Single-purpose agricultural or horticultural structures

Ineligible Property Includes:

Buildings and their structural components
Income-producing property (investment or rental property)
Property held by an estate or trust
Property acquired by gift or inheritance
Property used in a passive activity
Property purchased from related parties
Property used outside of the United States