Section 179 Increased For 2010
Posted by taxguru on March 18, 2010
The President signed a new law today nicknamed the HIRE Act, which had been referred to as a jobs bill.
Almost all of the press coverage seems to be on the convoluted credit and reductions of some payroll taxes for some employees that at first blush seem to be a big pain in the butt. Here is the IRS’s official announcement of this new law.
What caught my attention was an email alert from Spidell that mentioned that this law also increases the Section 179 expense
Extends the existing §179 expensing ($250,000 with an $800,000 threshold) for another year;
Since the maximum Section 179 had dropped back to $134,000 for 2010, this is a much more useful tax break than the new payroll ones.
Title II: Expensing – (Sec. 201) Increases to $250,000 the expensing allowance for depreciable business assets for taxable years beginning after 2007 and before 2011.
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