2014 Section 179 depreciation restored to 2013 levels as year-end nears!
President Obama signed Congress' tax extenders bill into law on Dec. 19, 2014.
The Senate Tuesday evening by a 76-16 vote approved a tax extenders package restoring a range of tax incentives for 2014.
News Release
Remember the Bush deduction that allowed small businesses to buy SUV's, Trucks and Heavy Equipment up to $500k in one calendar year?
The one the media tore apart calling it the 'Gas Guzzler' deduction that was destroying the planet?
And the one that the media covered like there was no tomorrow when President Obama ended it lauding him for his great environmental conscience?
Well small business owners REJOICE because as of yesterday it's BACK! Signed into law by President Obama.
And yet, have you seen any coverage of it on television, radio or net outside of us?
Ok, enough with the background, lets show you how it can save you $$$$!!!
*First off, we are NOT tax lawyers or accountants so be sure to check with an expert BEFORE you make any financial decisions.
But that said, here are the basic parameters of the Section 179 deduction (click link for full details)
It was originally designed for farmers and small businesses to write off large capital equipment purchases but some fancy accountants realized the ONLY stipulations were that you must be a small business owner and buy a vehicle with a GVWR of 6,000 lbs. or more.
So MANY non farm-like vehicles qualify like Range Rovers, X5's, GL's, LX's, Cayenne's and Escalade's on top of Pickups and Cargo Vans.
Buy one and you get a first year $25k deduction in year one PLUS one year of depreciation which depending on price is a little over $30K!
But here is the MAGIC move...
Purchase a pickup truck or cargo van with 6' or more of DEDICATED cargo space like the 2015 Ford F-150 SuperCrew 157" that I have on order and it is ONE HUNDRED PERCENT DEDUCTIBLE UP TO $500K IN YEAR ONE!!!!!!! So technically, at around $50k each you could buy ten for your business and get the full $500k deduction in 2014.
What's the catch? You have less than ten days to purchase it (12/31/14) to use the deduction in 2014.
As we disclaimed, be sure to consult a professional and see details on the IRS website BEFORE you make any financial decisions.
And always Spy BEFORE you BUY!
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