Taxes: Section 179 for Small Business Owners (Accelerated Depreciation)

MPG is not a tax adviser, this is FYI ONLY. Consult your own tax adviser. See also Section 179.org.

For a small business owner, the US federal tax code contains a benefit that Congress belatedly renewed late this year: Section 179 of the internal revenue code.

In essence, you can write off depreciable assets acquired and put into service in 2014 as expenses up to a limit of $500,000. Any small business that needs a new computer, office gear, camera, or any normally depreciable asset might consider making those purchases (and putting them into service) that gear by Dec 31, 2014.