Oct 15, 2010 - Effective as of 09/27/2010, H.R. 5297 (the Small Business Jobs and Credit Act of 2010) had a substantial (and welcome) impact on Section 179. The biggest impact is that it increased Section 179's limits (almost doubling them). This will mean a substantial boost to your bottom line this year. But to get the deduction for tax year 2010, you have to act now, as once the clock strikes midnight on 12/31/2010, Section 179 can't affect your 2010 profits anymore.
In honor of this new bill and Section 179, a "$179 bonus per $10,000 financed" is being offered thru 12/31/2010.
What does this mean?
This means you can get your equipment, vehicles, and/or software now (and thus get to take advantage of Section 179 in 2010), and get bonus cash as well.
Section 179 Deduction*
Business owners who acquire equipment including machinery, computers and other tangible goods, usually prefer a substantial depreciation deduction in a single year, rather than a little at a time over a number of years. This accelerated deduction is known by its section in the tax code: a Section 179 deduction.
The 2010 law extends the amount of qualified property that a business can expense under Section 179 again to $250,000. This incentive is for equipment placed in service by December 31, 2010 and is designed for small companies, so the deduction phases out when a business purchases more than $800,000 in one year.
image from http://www.section179.org/section_179_deduction.html
