13, 2015 /PRNewswire-iReach/ -- Mytek, a provider of IT consulting services for outsourced technology projects, will be making its customers aware of how they can receive tax benefits using the Section 179
Earlier this year, the Ways and Means Committee and the full House of Representatives approved legislation to make permanent two other tax extenders important to metalcasters: the R&D tax credit and enhanced Section 179
Section 1331 of the Energy Policy Act of 2005, which was enacted as section 179
D of the Internal Revenue Service Code.
Two such breaks are the Section 179
deduction and bonus depreciation.
Currently, businesses can deduct as much as $500,000 of such expenses under the Internal Revenue Code Section 179
right away, rather than waiting three to 30 years, depending on the type of equipment purchased.
One, known as the Section 179
deduction, has shrunk to a maximum $25,000 this year from $500,000 in 2013.
The Section 179
tax deduction, established as part of the most recent federal economic recovery programs, can be used by sole proprietors, partnerships and corporations that purchase, finance, and/or lease less than $2 million in new or used business equipment during tax year 2013.
In 2013, the maximum Section 179
depreciation deduction is $500,000 and begins to phase out when assets placed in service during the year exceed $2 million.
Internal Revenue Code Section 179
expensing for New or used qualified fixed asset acquisitions has been enhanced by Congress to encourage spending by businesses.
Another deduction allows mines to expense or immediately write-off 50 percent of the cost of advanced mine safety equipment--except any that might be claimed under the Section 179
, first-year expensing election that has also been renewed.
Depreciation under Code Section 179
offers some attractive opportunities for expensing business property.
IRS Code Section 179
is an incentive created by the U.