2019 Updates to Section 179 Tax Reform
Under the section 179 of The Tax Cuts and Jobs Act, bonus depreciation has been increased to 100% (up from 50%) for purchases of qualified property made between September 27, 2017 and January 1, 2023. Additionally, now used, qualified property acquired and put into use after September 27, 2017 can be depreciated if it meets certain requirements.
This is a great opportunity to grow your business. There is no taxable income limitation, and this benefit can be taken in combination with the Section 179 Deduction to create outstanding tax savings.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. Contact your tax adviser to determine if you qualify. Visit www.section179.org or www.irs.gov for more details, qualifying property information, and a Section 179 calculator. Restrictions may apply. Foley, Inc. does not provide tax advice and marketing material should not be considered tax or legal advice.