Tax Tip Tuesday: Code Section 179
“What is the current status of Code Section 179 for the calendar year of 2015?”
That is the question that I have been asked multiple times in recent weeks.
As of right now, the Section 179 limit for 2015 is $25,000. That’s dramatically lower than in 2014 when it was $500,000. Will this be increased this year? I think it will. But, to what level, I don’t know for sure.
Many members of Congress have talked about raising this. But one issue that keeps coming up, as well as with many of the other items that get extended each year, is whether to make it permanent or extend it each year. Also, another issue is figuring out how to offset the tax cost in the legislation.
We are closely watching this and will let you know if something passes.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein