Internal Revenue Code (IRC)

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January 1, 1 3 min read Definitions

Section 179 Tax Deductions Depreciation Small Businesses Internal Revenue Code (IRC) Equipment Purchase Bonus Depreciation

Section 179 of the Internal Revenue Code allows businesses to immediately deduct the cost of qualifying equipment, rather than capitalizing and depreciating the asset over a long period. This is particularly beneficial for small businesses, enabling them to reduce their tax liability quickly.