My Profile   |   Contact Us   |   Sign In   |   Register
News & Press: WIPP Legislative Updates

Section 179 Expensing on Verge of Being Extended

Monday, December 14, 2015  
Share |

 

Section 179 Expensing on Verge of Being Extended

 

A bill to reauthorize tax rules, known as “extenders,” could pass before Congress adjourns for their Holiday recess.  Extenders are temporary tax rules and require Congress to authorize their renewal. Extension of these deduction rules could save businesses from significant tax liability. 

 

One popular extender is “Section 179” or the “small business expensing” rule.  This rule allows businesses to deduct the full cost of equipment purchased during the tax year instead of writing off portions of the cost over several years. For the 2014 tax year, the cap on this deduction was increased to $500,000. If this tax break is not extended, small businesses that made significant investments in equipment could face higher tax liability at the current deduction cap of $200,000.

 

A recent House Small Business Committee hearing, “Employers of Choice: How the Tax Extender Debate Will Affect Small Business,” discussed the impact of a year-to-year renewal on small firms. Members and witnesses highlighted the need make these rules permanent so small businesses will have some stability and predictability when it comes to taxes. 

 


more Calendar

3/15/2017
Give Me 5: GSA Special Unit - Increasing Your GSA Schedule Sales

3/16/2017
Give Me 5: Strategies for Seeking Compensation: The Fundamentals of REAs and Claims

3/16/2017
ChallengeHER Las Vegas

3/22/2017
Give Me 5: Follow the Money

Featured Members

Privacy Policy / Disclaimer    |    © WIPP  |    888-488-WIPP

Association Management Software Powered by YourMembership  ::  Legal