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News

American Recovery and Reinvestment Act
8/5/2009
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"American Recovery and Reinvestment Act" has officially extended the Section 179 Deduction increases through December 31, 2009

 

Your Section 179 Deduction Questions Answered

Welcome to Section179.org, your definitive resource for all things Section 179. We''''''''ve brought together a large amount of information regarding Section 179, and clearly and honestly discuss the various aspects of Section 179 in plain language - this will allow you to make the best financial decisions possible for your company.

Section 179 can be extremely profitable to you, so it is to your benefit to learn as much as possible. To begin, you probably have a lot of questions regarding Section 179. Questions like:

We’ll answer all of these questions, and make certain that you come away with all the knowledge you need to make smart business decisions in 2009 regarding equipment purchasing and Section 179 (because, truth be told, if you’ve been thinking about buying or leasing new equipment, 2009 IS THE YEAR TO DO IT, due to changes in Section 179 made by the Economic Stimulus Act of 2008 and extended by the American Recovery and Reinvestment Act of 2009.)

 

 

Free Tools that Make Calculating Section 179 Deductions Simple 

Section 179 is really very simple – you buy or lease qualifying equipment, and then take a full tax deduction on it this year (also, there are a few other things, which we’ll go over, but in a nutshell, that’s the idea.) To give you an estimate of how much money you can save, we’ve included a Section 179 Deduction Calculator to make computing Section 179 deductions simple, and we’ve also detailed the changes in Section 179 due to the Economic Stimulus Act of 2008 that have been extended by the American Recovery and Reinvestment Act through December 31, 2009.

Successful businesses take advantage of legal tax incentives to help lower their operating costs. The Section 179 Deduction is a tax incentive that is easy to use, and gives businesses an incentive to invest in themselves. In short, taking advantage of the Section 179 Deduction will help your business keep more capital, while also getting needed equipment.

You can Lease, Finance or Purchase to qualify for the Section 179 Deduction.  Just remember, the equipment must be purchased and put into use by December 31, 2009

The highlights:

1. Businesses can deduct the full purchase price of equipment purchased or financed during the tax year from their gross income (Financing will allow for a bigger benefit since you’ll receive a $250,000.00 deduction without spending $250,000.00 of your cash!)

2. The deduction is good up to $250,000.00 of equipment acquired and placed in service from Jan. 1, 2009 to Dec. 31, 2009

3. Beyond $ 250,000.00, a 50% bonus depreciation is available in year 1 for total equipment acquisitions up to $800,000.00


OFFICE FURNITURE QUALIFIES for the Section 179 Deduction

 

What is the Section 179 Deduction??

 

Most people think the Section 179 Deduction is some arcane or complicated tax code. It really isn''''t, as the following will show you.

 

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It''''s an incentive created by the US Government to encourage businesses to buy equipment and invest in themselves. It is sometimes referred to as the "SUV Tax Loophole" or the "Hummer Deduction" because many businesses have used this tax code to purchase qualifying vehicles (like SUV''''s and Hummers.)

Essentially, Section 179 works like this:

When your business buys certain pieces of equipment, it typically gets to write them off a little at a time through depreciation. In other words, if your company spends $50,000 on a vehicle, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example.)

Now, while it''''s true that this is better than no write off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it.

In fact, if a business could write off the entire amount, they might add more equipment this year instead of waiting. That''''s the whole purpose behind Section 179. See the following graphic for an example of the savings that are available to you.

Section 179 Example

Limits of Section 179
Section 179 does come with limits - there are caps to the total amount written off ($250,000 in 2009), and limits to the total amount of the equipment purchased ($800,000 in 2009.) The deduction begins to phase out dollar for dollar after 800k, so this makes it a true small and medium-sized business deduction.

However, in 2009, businesses that exceed the $250k deduction limit can take a bonus depreciation of 50% on the amount that exceeds the limit. And then also take normal depreciation on the rest. Nice.

Who Qualifies for Section 179?
All businesses that purchase or finance less than $800,000 in business equipment should qualify for the Section 179 Deduction. In addition, most tangible goods qualify for the Section 179 Deduction (
see list of qualifying equipment). Also, to qualify for the Section 179 Deduction, the equipment purchased must be placed into service between January 1, 2009 and December 31, 2009.

The deduction begins to phase out if more than $800,000 of equipment is purchased - in fact, the deduction decreases on a dollar for dollar scale after that, making Section 179 a deduction specifically for small
and medium-sized businesses.

 

Section 179 Leases


Section 179 Leases


Leasing and Section 179

Did you know that your company can lease equipment and still take full advantage of the Section 179 deduction? In fact, leasing equipment with the Section 179 deduction in mind is a preferred financial strategy for many businesses, as it can significantly help with not only cash flow, but with profits as well.

 

Non-Tax | Capital Lease

The main benefit of a non-tax capital lease is that you can still take full advantage of the Section 179 Deduction, yet make smaller payments. With a non-tax capital lease you can acquire and write off $250,000 worth of equipment this year, without actually spending $250,000 this year. A small business that is managing cash flow can leverage a non-tax capital lease and still take the Section 179 Deduction.

Examples of non-tax capital leases include a $1.00 Buyout, and a 10% Purchase Upon Termination (PUT) Lease. In many cases, the amount you save in taxes will be MORE than the total of your first year''''s payments.

 

Equipment Financing

You may also obtain an equipment loan using an Equipment Finance Agreement (EFA) and still take the Section 179 Deduction.

 

Advantages of Leasing and Financing

The obvious advantage to leasing or financing equipment and then taking the Section 179 Deduction is the fact that you can deduct the full amount of the equipment, without paying the full amount this year. The amount you save in taxes can actually exceed the payments, making this a very bottom-line friendly deduction (you are reading this correctly - in many cases, the deduction will actually be profit.)

 

Speak to an Expert

An experienced equipment finance company can help you structure your equipment lease (or equipment financing agreement) to take full advantage of the benefits of Section 179. We recommend Crest Capital for this. If you have any questions, or simply wish to explore your options, contact Crest Capital at 800-245-1213 or visit them online at www.CrestCapital.com.

Crest Capital specializes in equipment financing and leasing for small and medium sized businesses. With one simple application, no bank statements, great rates, and a fast "within hours" approval time, Crest Capital can get you the equipment financing you need, while also being very friendly to your bottom line. In addition, Crest Capital''''s staff is skilled in structuring finance solutions that qualify for Section 179 deductions.

 

Stimulus Act of 2008


Stimulus Act of 2008


American Recovery and Reinvestment Act of 2009 has officially extended the Section 179 Deduction increases made available in the Economic Stimulus Act of 2008 through December 31, 2009

 

Economic Stimulus Act of 2008 and Section 179

In order to address concerns regarding a slowing economy, President Bush asked Congress to come up with an Economic Stimulus Plan that would benefit both consumers and businesses, and Congress responded with a comprehensive economic stimulus package.

On February 13, 2008, President Bush signed H.R. 5140, otherwise known as the Economic Stimulus Act of 2008. The Economic Stimulus Act immediately grabbed headlines because most Americans would receive a check for $600 from Uncle Sam. While the Economic Stimulus Act was a boon for consumers, there were significant benefits in the Economic Stimulus Act for businesses as well.

In fact, Small Business benefited a great deal from the Economic Stimulus Act of 2008. This is because the Section 179 Deduction limits were generously increased, and small businesses across the country reaped the rewards.

How your business will benefit from the Economic Stimulus Act of 2008
The Section 179 Deduction has been
significantly enhanced by the Economic Stimulus Act of 2008, and now extended an additional year by the American Recovery and Reinvestment Act of 2009, giving businesses an incentive to invest in themselves by purchasing or leasing new equipment.

The specific impact the Economic Stimulus Act has had on the Section 179 deduction is related to the dollar limits of the deduction. The previous dollar limits were a $125,000 limit on the deduction and the total amount of equipment purchased could not exceed $500,000. The Economic Stimulus Act raised these limits significantly. The new deduction limits are $250,000 on the deduction, and the total amount of equipment purchased cannot exceed $800,000.

 

To recap the new limits:

2007 Deduction Limit: $125,000
2008 Deduction Limit: $250,000

2009 Deduction Limit: $250,000

2007 Total Amount of Equipment: $500,000
(deduction decreases dollar for dollar after reached)
2008 Total Amount of Equipment: $800,000
(deduction decreases dollar for dollar after reached)

2009 Total Amount of Equipment: $800,000
(deduction decreases dollar for dollar after reached)
 

Bonus Deduction

Another change that the Economic Stimulus Act of 2008 brought to Section 179 is it offers a one-time “bonus first year depreciation” of 50% on qualifying equipment. This is after the above deduction limit is reached.

 

In other words, if you buy enough equipment to exceed the $250,000 deduction, you can take a “bonus” 50% depreciation on the rest – this is in addition to normal depreciation (Section 179 deduction chart).

Everyone Benefits

Most small and medium-size businesses will find these new dollar limits generous indeed. The Economic Stimulus Act helped consumers, and it will also continue to significantly help most small businesses as well by lowering the cost of equipment that they need to purchase or lease to run their day-to-day operations. To see how much you can save in 2009, use this Section 179 tax calculator.

Act Now

As of this writing, the American Recovery and Reinvestment Act of 2009 has extended the one-year increase through the end of 2009. Unless it is extended, the Section 179 Deduction phases out completely in 2010, so if you want to take advantage of the higher limits, you need to act before the end of this year.

Section 179 .org

Section 179.org

This website was designed to answer your questions regarding the Section 179 Deduction, and to explain the impact the Economic Stimulus Act of 2008 (H.R. 5140) as well as the American Recovery and Reinvestment Act of 2009 has had on Section 179. The information on this site will clearly explain the Section 179 Deduction in plain terms; will go over what property qualifies under Section 179 for the deduction; and will explore the myriad of ways the Section 179 deduction can impact your bottom line. In addition, there are IRS forms, and also tools for you to use, like the free Section 179 Deduction calculator.

References
IRS Publication | Electing the Section 179 Deduction 2008 |
http://www.irs.gov/publications/p946/ch02.html#d0e1927
White House Publication | Economic Stimulus Act 2008 |
http://www.whitehouse.gov/news/releases/2008/02/20080213-5.html

 
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