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.