Section 179 of the IRS tax code (Form 4562) allows small and medium size businesses to deduct the full purchase price of qualifying equipment that has been implemented and purchased or financed during the 2009 tax year.
If you have bought or leased a piece of qualifying equipment, you can deduct the full purchase price from your gross income. Total capped amount that can be written off for 2009 is $250,000. If you’re purchased or leased equipment exceeds $250K for 2009, you can take a bonus depreciation of 50% for the exceeded amount.
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What are some of the qualifying equipment?
- Equipment that is purchased for business use
- Tangible personal property used in business
- Computers
- Computer Software (off the shelf)
- Office Furniture
- Office Equipment
COST OF EQUIPMENT
