What is the maximum Section 179 write-off allowed for equipment used in business and can a vehicle ever be expensed using this election?
The Section 179 maximum limits are as follows (assuming no more than $200,000 worth of equipment was purchased during the year): $19,000 $20,000 $24,000 $24,000 $25,000 This first year write-off applies to business-related equipment placed in service before year-end. The election does not apply to business passenger vehicles which have very limited depreciation deductions allowed. It should be noted, however, that vehicles not classified as passenger (i.e. most SUV’s) do qualify for the Section 179 first year write-off. Go to TOP QUESTION: How can an individual that makes quarterly estimated tax payments avoid underpayment penalties even though the installments made are insufficient under current safe-harbor rules? ANSWER: As you know, the IRS likes to get their money as soon as they can and requires an individual to remit taxes quarterly based on a number of safe-harbor rules (i.e. prior year tax, current year taxable income). When an individual misses an installment, is late in payin
