Thursday, November 7, 2013

SAVE BIG ON GT-ISL GANG TOOL INDUSTRIAL SLANT LATHE WITH SECTION 179 TAX DEDUCTION FOR 2013

PURCHASE NOW FOR 2013, WE DON'T WANT YOU TO MISS OUT

Section 179 at a glance - New for 2013 & 2012

2013 and 2012 Deduction Limit = $500,000
This is good on new and used equipment, as well as off-the-shelf software.

2013 and 2012 Limit on equipment purchases = $2,000,000
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced.

Bonus Depreciation = 50%
This is taken after the $2 million limit in capital equipment purchases is reached. Note: Bonus Depreciation is available for new equipment only. Bonus Depreciation can also be taken by businesses that will have net operating losses in 2013.
The above is an overall, "simplified" view of the Section 179 Deduction for 2013.
What is the Section 179 Deduction?
Section 179 of the IRS Tax Code allows a business to deduct, for the current tax year, the full purchase price of financed or leased equipment and off-the-shelf software that qualifies for the deduction. The equipment purchased, financed or leased must be within the specified dollar limits of Section 179, and the equipment must be placed into service in the same tax year that the deduction is being taken (for tax year 2013, this means the equipment must be put into service between 01/01/2013 and 12/31/2013).

Tax laws are subject to change at any time and their application is highly dependent upon the unique facts and circumstances of any particular taxpayer. The information on this page is offered as general guidance and is not intended as specific legal, tax or accounting advice. These calculations are only estimates and everyone’s tax situation is different.  Please consult your tax advisor to determine the tax ramifications of acquiring equipment or software for your business.

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