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5 Overview articles were found for Section 179 Expenses

What is a Section 179 Tax Deduction?
By: Breana Behrens
Section 179 of the Internal Revenue Code provides a tax deduction for when you purchase equipment for you business. Read More »
https://www.landcan.org/ctc-article/Section-179-Expenses/Overview/What-is-a-Section-179-Tax-Deduction/751/

How to Elect a Section 179 Deduction
By: Breana Behrens
To elect a section 179 deduction, you must file IRS Form 4562 with your annual tax return. Read More »
https://www.landcan.org/ctc-article/Section-179-Expenses/Overview/How-to-Elect-a-Section-179-Deduction/761/

Bonus Depreciation
By: Breana Behrens
The special deprecation allowance (bonus depreciation) is an additional tax deduction, available after a Section 179 deduction, for the cost of qualifying property purchased for business use.Read More »
https://www.landcan.org/ctc-article/Section-179-Expenses/Overview/Bonus-Depreciation/760/

Qualifying Property
By: Breana Behrens
Only certain types of property will qualify for a Section 179 tax deduction. The property must also meet specific criteria, such as being acquired by purchase, for use in the business, and actually put into use in the preceding year.Read More »
https://www.landcan.org/ctc-article/Section-179-Expenses/Overview/Qualifying-Property/752/

Leasing Equipment and Section 179
By: Breana Behrens
Section 179 tax deductions can be taken for the cost of leasing equipment. Read More »
https://www.landcan.org/ctc-article/Section-179-Expenses/Overview/Leasing-Equipment-and-Section-179/754/