The Clock Is Ticking on Section 179

Thinking of purchasing business equipment? Better act quickly, because Section 179 expires on December 31, 2013. Section 179 of the IRS tax code allows businesses to deduct from their gross income the full purchase price of qualifying equipment and/or software purchased or financed during the tax year instead of depreciating the asset over time. This incentive was created by the U.S. government to provide tax relief for small businesses. Any business that purchases, finances, or leases new or used business equipment valued at less than $2,000,000 during tax year 2013 should qualify for the deduction. Furthermore, according to Section179.org, if a business is unprofitable in 2013 and has no taxable income to use the deduction, that business can use 50% Bonus Depreciation and carry-forward to a profitable year. The 2013 deduction limit is $500,000. Purchases or financing must be completed by December 31, 2013. Analytical equipment, software and even business vehicles are just some of the equipment purchases that qualify for the Section 179 Deduction. For a complete roster of what is covered, please refer to the site’s list of qualifying equipment. If your 2013 purchasing agenda includes portable XRF analyzers for mining and exploration here’s some information that may help you make your choice. Applications of portable XRF in mining include  outcrop and soil analysis, advanced exploration and drilling, core sample analysis, logging and mine mapping. Additional applications for qualifying equipment could include coal analyzers, conveyor belt scales and safety switches, laboratory systems or other mining related equipment.