section 179 deduction

There are a couple of options for write-offs when you buy new equipment for your business. Well, for 2008, there are actually two options:

(1) Take a Section 179 for an immediate write-off of all or part of the purchase price, or

(2) Depreciate the property.

Have you been inundated with car dealership ads in the past couple of weeks all promising you a big tax break along with your new vehicle purchase? I have! My favorite was the one from Land Rover, who also included a packet of tea from those fine folks who provided the tea for the Boston Tea Party. So I thought I would take a couple of minutes and just go over how the vehicle purchase deduction works.

My Favorite Christmas Catalogue