#RaiseSection179
There’s an ongoing US petition in congress that’s in favor of the small-business community. The congress is now taking into consideration the possible plan of making the most important small business tax code provision permanent. Section 179 of the United States Internal Revenue Code or otherwise known as small-business expensing is a depreciation deduction applicable to SMBs. It allows the taxpayers/business owners to declare a cost-deduction of certain types of property on their income taxes as an expense, rather than requiring the cost of the property to be capitalized and depreciated. This is most applicable to equipments, automobiles and such.
Aside from making it permanent, the recent petition includes that the expense limit should be $500,000 as it has depreciated to $25,000 this year. It was declared last Jan 1, 2015 that the Section 179 limit has been reduced to $25,000 and no bonus depreciation is available for the 2015 tax year. This movement is asking the locals to sign the petition and letting their voices get heard by the congress. The petition hopes to bring awareness and support to the small business community.
