Congress passed a bill this week increasing the Section 179 tax deduction for 2014 to $500,000 -- much greater than the normal $25,000. On January 1, this deduction will revert back to $25,000, so now is the time to act. This allows your business to deduct the purchase price of Inspection Equipment purchased during the 2014 calendar year. This offers a huge cash savings for your business for purchase of items including Coordinate Measuring Machines, CMM Retrofits and Hardware upgrades, Renishaw Equator Gages, and Probing Upgrades.
The deduction limit is $500,000 for most new and used equipment purchases. The law also has provisions for “bonus” depreciation on CAPEX exceeding $500,000.
Additional information may be found at:
http://www.section179.org/
including a Section 179 calculator:
http://www.section179.org/section_179_calculator.html
As with any tax program, your situation is unique to you and there are limits and exclusions. For more information on Section 179, please contact your tax advisor. You can also review the IRS website for additional information.
