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Taxes: Section 179 for Small Business Owners (Accelerated Depreciation): Deduct if In-Service by End Of Year
This site 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: Section 179 of the internal revenue code.
In essence, you can write off (fully deduct) depreciable assets acquired and put into service in 2016 as expenses up to a limit of $500,000 (for federal tax purposes). 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.
2016 Deduction Limit = $500,000 — This deduction is good on new and used equipment, as well as off-the-shelf software. This limit is only good for 2016, and the equipment must be financed/purchased and put into service by the end of the day, 12/31/2016.
- Memory and SSD prices are likely to continue to rise due to increased demand from mobile devices sucking down supply. Already the iMac 5K 64GB kit has gone to $900 from $700.
- Need help deciding on a computing or photographic upgrade and/or new system. Lloyd offers consulting.
See my OWC / MacSales.com Wishlists and B&H Photo wishlists.
