Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Wednesday, October 20, 2004
Myth About Section 179
I received this follow-up to my earlier message on Section 179 deductions:
Thank you very much for your reply. There are some accountants out there that think section 179 expires December 31, 2004. Was there any truth to this?
Thanks again.
My reply:
There was never any chance that the entire Section 179 was going to be eliminated.
Before this new law, the schedule was for the maximum Section 179 deduction for 2005 to be $102,000 + a COLA for inflation. It was then scheduled to drop to $25,000 in 2006.
I'm not sure how the rumor that Section 179 was ending on 12/31/04 got started, but I have heard it a lot; not just from you.
You can see more on this on my website:
http://taxguru.org/incometax/Rates/Sec179.htm
Kerry Kerstetter
Labels: 179
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 10/20/2004 01:20:00 PM Send this post:
