What is the section 179 deduction?
The Section 179 deduction is designed to help businesses that need to make investments in capital assets. For any business that places $800,000 or less of assets in service during their fiscal year, they are allowed to write off up to $250,000 immediately. Also in place is an immediate 50 percent bonus depreciation, which is for all assets placed in service for that year. This is available to everyone some of the larger corporations that may have placed more than $800,000 of assets in service are not eligible for the entire 179 deduction, but they would be for the bonus depreciation. You can take the bonus depreciation if you have taxable income or loss. You have to have taxable income in order to take the 179 deduction. You can carry the deduction forward, but cannot create a loss with it, nor file a carry back claim. How will the new tax law changes affect companies? The new tax law targets individuals and small businesses. But for larger businesses, there is a work opportunity tax c
