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Section 179 2019 and the IRS  can be about as mysterious as Area 51 and Space Aliens, but a lot more interesting and beneficial to business owners.

What’s that got to do with Section 179 2019 deductions and IRS tax laws?

Other than the fact that Area 51 is still a weird government facility, not a lot. Section 179 2019 new benefits is a 100% depreciation deduction opportunity for business owners to expense deductions their company can claim, which was propelled up from $500k to a million bucks with the phase-out increased from $2 million to $2.5 mil.

This was announced January 4, 2019

Big deal? You bet. But there is still the caveat…the IRS can ZAP it, whenever. But if you’re in, you’ll stay in.

Section 179 2019 Checklist

  • Section 179 100% bonus depreciation was made retroactive to 9-27-2017 which means we’ll want to look at amending that tax return.
  • Most tangible business equipment, new and used, qualifies whether purchased outright, leased, or financed:
    • equipment, machines for business use
    • tangible personal property used in business
    • business vehicles with a gross vehicle weight in excess of 6,000 lbs
    • computers and off-the-shelf computer software
    • office furniture and equipment
    • property attached to your building that is not a structural component of the building (printing, press, large manufacturing tools, equipment)
    • partial business use equipment
  • Section 179 is set to expire at midnight, December 31 for the tax year events.

Section 179 was once referred to as the SUV Tax Loophole or the Hummer Deduction

How does Section 179 2019 help small business owners?

Rather than purchasing qualified equipment and writing it off through depreciation over a number of years, Section 179 2019 allows business owners the option of writing off the entire purchase price the year it is purchased and put into use. Some small businesses can make the decision to purchase much-needed upgrades with maximum tax benefits.

This year, 2019, offers additional benefits to mid- to large business owners in that the Bonus Depreciation is being offered at 100% and includes used (but new-to-you) equipment up to $2,500,000. Bonus Depreciation isn’t always offered, and this combination of Section 179 2019 and Bonus Depreciation make for the possibility of serious tax benefits.  Unless, of course, you wait and the IRS ZAPs Section 179, and you still need stuff, but the door is closed and sealed shut.

You may have read Section 179 (for 2019)
but are you sure you can (or want to) game the system

without a tax specialist?

Tax Gaming (which I should put into a game box) is tax strategy built on an elaborate IFTTT-style design that must be closely monitored, be flexible and is played through a window of opportunity serving tax free money, deep deductions, and tax benefits much better than those gained by non-players.

What’s the bottom line?

Whether you’re a business owner or not, every person should have a proactive, planned tax strategy. Don’t just wait for a tax person to tell you what probably happened last year and then tell you how much you owe.

You can have the same opportunities as my clients have to control your own financial future. I can become your CPA tax specialist and financial business and life goals adviser and you can have the control you need and want.

Our goal is to become part of your overall life and business goal planning team so that you’ll be able to establish your own goals and know that you have a trusted professional on your team. We establish and maintain a personal and business relationship with our clients. Your LIFE is your business and your BUSINESS is your life. We’re here for YOU.

Call us at 479-668-0082. Use my Calendly Page (it’s easy) to set an appointment or you can email us.

You may also be interested in:

Is Tax Gaming Legal?

Great Moments in Tax Litigation

Don’t let the IRS take your money

Independence Day (1996 film)  Area 51 is included!

Area 51

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