Section 179 Enhanced Limits Extended for 2010 tax year
This is great news for small business. How great?
All businesses that purchase or finance less than $800,000 in business equipment should qualify for the Section 179 Deduction. To qualify for the Section 179 Deduction, the equipment purchased must be placed into service between January 1, 2010 and December 31, 2010. The list of qualifying equipment includes machines purchased for business use, vehicles, computers, and property attached to your building that isn’t part of the structure (essentially, most material handling equipment). For more information, check out the Section 179 website – it has lists of qualifying companies and an online calculator that helps you figure out your position. As always, see a tax professional to ensure your company and purchase qualify.
Please Note – The HIRE Act does not extend the 50% bonus depreciation that was available in the 2009 tax year. We’ll let you know if there is movement toward extending that credit.
- www.section179.org has calculators and detailed equipment lists to help you understand how this may affect you.
- Crest Capital Section 179 Calculator
Scott Stone is Cisco-Eagle's Vice President of Marketing with more than thirty years of experience in material handling, warehousing and industrial operations. His work is published in multiple industry journals an websites on a variety of warehousing topics. He writes about automation, warehousing, safety, manufacturing and other areas of concern for industrial operations and those who operate them.