Bret Curtis, CPA, JD, LLM was recently published in ThinkingBigger. His article on taking advantage of the Section 179 deduction explains how the deduction works and provides other pertinent details. Here’s an excerpt:
There are new opportunities for small business owners who want to take advantage of the powerhouse deduction Section 179, which is permanent thanks to Congressional action last year.
If you haven’t heard about Section 179, it’s a boost for small business owners that allows for taking a deduction for tangible property in one year. Otherwise, you’d have to take it over the term of the asset’s useful life, which can be up to 39 years.
How Does This Work?
Here is an example of how Section 179 can help a small business. In 2015, Susan bought a used $4,000 press for her printing business. Without Section 179, she would have to deduct a portion of the purchase price over its five-year useful life…
The full article can be read here.