According to the Tax Cuts and Jobs Act (H.R. 1) the deduction limit for Section 179 has increased from $510,000 in 2017 to $1,000,000 for 2019 and beyond. While that represents a substantial increase, the limit on equipment purchases remains steady at $2.5 million.
What is Section 179?
Section 179 refers to the tax deduction specific to business depreciation according to IRS Code Section 179, which allows businesses to reduce the taxes owed substantially in the years in which businesses purchase new equipment and assets.
You can read more about the new rules and limitations concerning depreciation and expensing in the new IRS “Fact Sheet.”
The 100 percent bonus depreciation is a temporary measure allowing for the expensing of certain business assets. Though some properties are ineligible for the bonus depreciation, including properties used for furnishing, trading or selling of the following:
- Electrical energy.
- Water or sewage disposal services.
- Gas or steam through local distribution systems.
- Transportation of gas or steam via pipelines.
Have you ever thought of where the Great Blue Herons in Maine go during the wintertime? Danielle D’Auria, a wildlife biologist, led a presentation on this subject in February at the Merryspring Nature Center on the Heron Observation Network of Maine.
In this talk, she spoke about how citizen volunteers, scientists and students have been monitoring migrations of great blue herons beyond state lines. Five adult great blue herons were equipped with lightweight GPS trackers in 2016 and then released so the researchers could monitor their movements during migration, nesting and wintering.
Out of the five Maine birds, two migrated to Florida, one to Cuba, one to the Bahamas and one flew to Haiti.
The National Transportation Safety Board (NTSB) has just released its “Most Wanted” list of transportation safety improvements for 2019 – 2020. While there are no big surprises topping the list, there are some safety improvements that could go a long way toward saving lives if accidents do occur while also limiting the number of accidents that happen on the roads today.
Among the top items on the list are the following:
- Eliminate driver distractions.
- Ensure safer shipment of hazardous materials.
- End impairment related from drugs, alcohol, and other substances.
- Implement a comprehensive strategy to reduce or crashes resulting from speeding.
- Reduce fatigue-related traffic accidents.
- Make collision avoidance technologies more widely available in motor vehicles with the eventual goal of including it in all new vehicles.
- Make stronger efforts to improve occupant protection protocols in vehicles.
- Require professional drivers to screen for and treat obstructive sleep apnea.
