Section 179

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Glossary: Section 179

By | December 3rd, 2015|Categories: Glossary|Tags: , |

Image courtesy of user "777546" on Pixabay.com The tax term "Section 179" refers to a deduction, similar to depreciation, that allows businesses to deduct 100% of the cost of certain asset purchases. Mechanics Since this post is intended to just be a basic overview, I'll avoid getting into technicalities. But here are the basics:: [...]

Glossary of Tax Terms: Depreciation

By | February 27th, 2014|Categories: Small Businesses Taxes|Tags: , , |

For tax purposes, what does the term "depreciation" mean?

Ask Jason, 3/16/12

By | March 16th, 2012|Categories: Potpourri of Tax Topics|Tags: , , , |

Q: Can I deduct mileage to a PO box? A: It depends. If you are a home-based business and a portion of your home is used regularly and EXCLUSIVELY for business, then you can deduct any business mileage driven from your home, including to your PO box. If your home is not used regularly and exclusively [...]

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Ask Jason, 3/9/12

By | March 9th, 2012|Categories: Potpourri of Tax Topics|Tags: , , , , |

Q: If I list 1099-K income hobby can I list equal expensives as I also buy for my hobby and spend more than I sell? A: The answer is not as simple as it sounds. First, you can deduct "cost of goods sold" (COGS) directly from hobby income -- if you have legitimate COGS and you [...]

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Is Section 179 for 2012 $125,000 or $139,000?

By | January 18th, 2012|Categories: Small Businesses Taxes|Tags: |

What is the Section 179 limit for 2012? Answer: $139,000.

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