Limitations on Section 179 Deduction for a 100% tax write-off on capital equipment increased for tax years beginning in 2013.
Miyachi America Corp., officials announces that customers may be eligible for the Section 179 Deduction and/or Bonus Depreciation when they purchase their equipment and machinery. Section 179 of the IRS tax code allows businesses to deduct the full purchase price of equipment of up to $500,000 for tax years beginning in 2013. Bonus Depreciation allows a 50% deduction on new equipment that exceeds the Section 179 deduction limitation. Customers can take advantage of the Section 179 and Bonus Depreciation deductions with purchases that are placed "in service" during tax years that begin in 2013 and by Dec. 31, 2013, respectively.
The goal of Section 179 Deduction and Bonus Depreciation is to stimulate the U.S. economy by encouraging businesses to buy tangible property like machinery and equipment. Bonus Depreciation is part of the Economic Stimulus Act of 2008 signed by President Bush and subsequently extended through the American Recovery and Reinvestment Act of 2009 by President Obama. The Section 179 limits for the year 2013 were increased through the American Taxpayer Relief Act. The Section 179 Deduction is scheduled to decrease to $25,000 for tax years beginning in 2014 and Bonus Depreciation will no longer be available starting Jan. 1, 2014. Please consult your tax advisor to determine if you qualify to take advantage of these incentives.
Miyachi America can accommodate custom tooling design and fabrication for a wide range of customer projects. Sample welds are offered to customers at no charge to help them determine the best equipment for their application.
Contact a Miyachi America representative today at firstname.lastname@example.org to take advantage of this tax incentive.
Source: Miyachi America