Fiscal Cliff Tax Changes
Section 179 Limits Revised
For 2012, the maximum deduction was set at $125,000 (inflation-indexed to $139,000) with a $500,000 threshold (inflation-indexed to $560,000). The new law restores the previous limits of a $500,000 maximum deduction and a $2 million threshold through 2013, retroactive to 2012
Need Professional Help?
If you need help with "Fiscal Cliff Tax Changes" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.