Over the past few weeks, there have been lots of activity on The Hill with regards to tax extenders. On April 3, 2014 the Senate Finance Committee concluded its markup of a tax extenders package. The Section 179D Tax Deduction (including some modifications) was included in the markup through 2015, fully outlined in the Moorcroft […]
Prior to the introduction of IRS Section 179, a company was forced into depreciating its capital expenditures over a number of years, a Section 179 tax deduction allowed for a 100 percent write-off of the asset in the same tax year that it was acquired, all of which was subjected to certain limitations. Most small […]
In 1982, the IRS tax code initiated a provision for first-year write-downs on the purchase of most personal property being used in a trade or business. This allowed operating companies to take advantage of an IRS Section 179 deduction on their business tax returns. In 1982 when Section 179 was implemented, the allowable tax deduction […]