Business owners just received a Christmas gift card from Congress, but it expires in just 14 days.
On Tuesday, December 17, 2014, Congress passed the Tax Extenders Bill which extends several 2013 tax benefits through the 2014 tax season, including raising the limit of the Section 179 tax deduction allowing small business owners to depreciate the full cost of their equipment purchase the first year (rather than depreciating over a number of years). Prior to this bill, the maximum 2014 deduction was $25,000, but with the passage of this bill into law the limit increases to $500,000 for the 2014 tax year. The President is expected to sign this into law this week.
You can read more about the bill here.
Purchases - whether paid for in cash or financed - are eligible for tax benefits under Section 179, as long as the equipment is received by December 31, 2014.
One Degree Capital is ready to help any business owner seeking to take advantage of this significant tax savings.
Call Today: 1.703.579.6868
Apply Online: www.OneDegreeCapital.com
Notice: For specific tax advice regarding your business, it's always best to consult with your tax advisor. If you are interested in learning more about financing options for equipment to purchase before the tax deadline, contact One Degree Capital today.