What Property Qualifies?
You can deduct the cost of the following property under Section 179:
1. Machinery and equipment
2. Furniture and fixtures
3. Computer software.
You must elect Section 179. It is not automatically given to you. Simply fill out IRS Form 4562 and attach to the returns for the business.
In Closing
As shocking as this will sound, the government should be applauded for expanding Section 179. Small businesses are burdened by too many regulations and mandatory costs. The expansion of Section 179 is a nice piece of tax relief legislation. Let’s hope more is on the way.