On November 1, 2014, Section 179 was restored to its original limits for 2014. With Section 179 back into effect, a business can deduct the full cost of their equipment from this year’s taxes up to $25k. Said business has until December 31 2014 to apply for section 179. This being said, Congress poised to pass a one year extension of expired tax provisions on December 1, 2014. Due to this, the House of Representatives voted on December 3 2014 to approve a one year agreement that would restore nearly all 50+ tax provisions that expired at the end of 2013. Legislation would give tax payers immediate relief for 2014, but would quickly leave them in limbo for 2015. The tax Increase Preventive Act of 2014 includes a retroactive extension of many significant expired tax provisions including: #1. the research credit, #2. bonus depreciation, #3. deduction for state and local sales taxes, #4. tax-free IRA distributions for tax payers 70 years or older. This Tax Extenders Bill currently has the intention to reinstate the limit on Section 179 to $500,000 along with reinstating a 50% Bonus depreciation. So far, they are waiting for the Senate’s approval of the bill to proceed with these limitations for 2014. We will keep you posted.