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American Taxpayer Relief Act Information

Changes to Section 179 Deductions for 2012/2013

H.R. 8: American Taxpayer Relief Act of 2012, better known as the "Fiscal Crisis Bill", raises Section 179's limits for both the 2012 and 2013 tax years.

2013
Deduction Limit = $ 500,000
Limit on Capital Purchases = $ 2,000,000
Bonus Depreciation = 50 %

2012
Old Deduction Limit= $ 125,000
Retroactive New Deduction Limit = $ 500,000

Note:
Section 179 Deduction is available for most new and used capital equipment, and also includes certain software. Bonus Depreciation can be taken on new equipment only (no used equipment, no software).

When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation – unless the business has no taxable profit in the given tax year. Also, many businesses are finding Section 179 Qualified Financing to be an attractive option in 2013.

Vist http://www.section179.org/section_179_deduction.html for more information

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