What is Section 179 Expensing?
In addition to depreciation deductions, the tax law allows small businesses to expense up to $250,000 in capital improvements expenses for the 2009 tax year. There are various requirements that you need to meet in order to qualify for Section 179 expensing. For this code section, a small business is defined as a taxpayer that incurred less than $1,050,000 in capital expenditures.
In addition to depreciation deductions, the tax law allows small businesses to expense up to $500,000 in capital improvements expenses for the 2011 tax year. This provision applies to both NEW and USED aircraft. There are various requirements that you need to meet in order to qualify for Section 179 expensing. For this code section, a small business is defined as a taxpayer that incurred less than $2,000,000 in capital expenditures.
