Press Release
GREAT NEWS For NEW Equipment Purchasers Recently-enacted economic stimulus legislation will help reduce tax liability for this year and improve cash flow. Job and Growth Act 2003 - Extended
Equipment Acquisition:
When businesses acquire assets, they can either elect to take Section 179 to expense part of the cost (that is, they can take a current write-off), or they can depreciate the cost (spread it out over several years). Section 179 is a wonderful code section, made even more wonderful under the new law. Starting in 2003 and continuing through 2005, a taxpayer can elect Section 179 expensing for up to $100,000 of property; by comparison, the 2002 limit was only $25,000! The change in law also provides that off-the-shelf computer software purchases are available for the Section 179 election. If you run your own business, whether as a sole proprietor or as a corporation, this benefit is available.