Question

what are the rules related to a section 179 deductions? why would an individual decide to...

what are the rules related to a section 179 deductions? why would an individual decide to take this deduction? discuss some reasons why it would not be advantageous.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Deduction under section 179 includes deduction for some tangible assets like plant and machinery, equipments, properties etc. If you have done any improvement or repairs to a building or property, you can claim that amount as deduction.It is aimed at helping the small and medium class businesses.

The disadvantage of section 179 is that, to get that statutory deductions business will spent amount on unnecessary improvements and eventually that will effect the business. Also this deduction will not have much effect on large business, because of the limit that can be claimed.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Why is the distinction between deductions for and from AGI important for individual taxpayers? Would you...
Why is the distinction between deductions for and from AGI important for individual taxpayers? Would you rather have a deduction for AGI or from AGI, why? What are some examples of each type of deduction?
The enactment of the restrictive rules related to home office deductions caused may commentators to conclude...
The enactment of the restrictive rules related to home office deductions caused may commentators to conclude that the home office deduction had been essentially eliminated. Which particular requirement(s) of section 280A prompted such a conclusion?
what is the maximum Section 179 deduction for tax year 2019
what is the maximum Section 179 deduction for tax year 2019
In part II on schedule C what goes on LIne 13 Depreciation and section 179 expense...
In part II on schedule C what goes on LIne 13 Depreciation and section 179 expense deduction?
A corporation has gross sales revenue of $289,000, cost of sales of $98,000, a Section 179...
A corporation has gross sales revenue of $289,000, cost of sales of $98,000, a Section 179 deduction of $20,000 (financial depreciation is $5,000), operating expenses of $122,000, and a Section 1231 gain of $21,000 on the sale of some machinery (the gain is only $14,000 for financial accounting). What is the corporation’s taxable income? What is the corporation’s pretax financial accounting income?
What limitations apply to the use of Section 179 expensing in 2018? What would have been...
What limitations apply to the use of Section 179 expensing in 2018? What would have been different if this asset had been acquired in 2017?
Using US TAX LAW You have a client who wants to claim a deduction or loss...
Using US TAX LAW You have a client who wants to claim a deduction or loss that may be questioned by the Internal Revenue Service (IRS). Explain two specific deductions or losses that would most likely result in an IRS audit. Outline at least two strategies to avoid a tax audit for a client who wishes to take the specific deductions or losses. Support your proposal with specific recommendations. Obtain a Form 1040 income tax return. Clearly identify the section...
You have a client who wants to claim a deduction or loss that may be questioned...
You have a client who wants to claim a deduction or loss that may be questioned by the Internal Revenue Service (IRS). Explain two specific deductions or losses that would most likely result in an IRS audit. Outline at least two strategies to avoid a tax audit for a client who wishes to take the specific deductions or losses. Support your proposal with specific recommendations. Obtain a Form 1040 income tax return. Clearly identify the section of the Form 1040...
TRUE OR FALSE 1. In 2018, unreimbursed employment related expenses are classified as deductions for AGI....
TRUE OR FALSE 1. In 2018, unreimbursed employment related expenses are classified as deductions for AGI. 2. Section 212 expenses that are related to rent and royalty income are deductions for AGI. 3. Alice incurs qualified moving expenses of $12,000 in 2018. If she is not reimbursed by her employer, the deduction is classified as a deduction for AGI. 4. The Code does not specifically define what constitutes a trade or business. 5. An expense need not be recurring in...
what are some of the ways that individual differences in behavior are related to brain functioning
what are some of the ways that individual differences in behavior are related to brain functioning
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT