Mountain View Carpet Care
Member
- Joined
- Apr 4, 2007
- Messages
- 1,085
25k is the limit?
Section 179 taxes
- Thread starter Mountain View Carpet Care
- Start date
Dan
Supportive Member
Section179.org
J Scott W
Member
We won't know until congress decides. Hard to tell if the new group will get any more meaningful work done than the last. Here's a blog report from yesterday.
By: Paul Neiffer
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Another Section 179 Update
Nov 18, 2014
It seems that my inbox is blowing up with questions about what Section 179 will be for 2014. Whenever, I indicate that we should know what the final number should be around Christmas or even New Years, I get emails back saying doesn't Congress know that taxpayers really can't make informed equipment decisions without knowing what Section 179 is.
The quick answer is that "Congress does not care!". This is now a Lame Duck session of Congress and there are many areas of give and take on getting a final tax bill for 2014 done (that is assuming they actually get one done). If Congress does act, it is likely that Section 179 will revert to $500,000 for 2014 and be retroactive to January 1, 2014 and run through December 31, 2015. It is also likely that 50% bonus depreciation will be reinstated for this year and next year.
However, we are dealing with Congress and logic is not always followed. Therefore, there is still a chance there will be no change and be stuck with $25,000 for this year (for most farmers this would be zero since they get no deduction if they spent more than $225,000).
But, the bottom line is that Congress will take their time and we will know the final Section 179 sometime around Christmas (plus or minus a week).
By: Paul Neiffer
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Another Section 179 Update
Nov 18, 2014
It seems that my inbox is blowing up with questions about what Section 179 will be for 2014. Whenever, I indicate that we should know what the final number should be around Christmas or even New Years, I get emails back saying doesn't Congress know that taxpayers really can't make informed equipment decisions without knowing what Section 179 is.
The quick answer is that "Congress does not care!". This is now a Lame Duck session of Congress and there are many areas of give and take on getting a final tax bill for 2014 done (that is assuming they actually get one done). If Congress does act, it is likely that Section 179 will revert to $500,000 for 2014 and be retroactive to January 1, 2014 and run through December 31, 2015. It is also likely that 50% bonus depreciation will be reinstated for this year and next year.
However, we are dealing with Congress and logic is not always followed. Therefore, there is still a chance there will be no change and be stuck with $25,000 for this year (for most farmers this would be zero since they get no deduction if they spent more than $225,000).
But, the bottom line is that Congress will take their time and we will know the final Section 179 sometime around Christmas (plus or minus a week).
