Our own Lance Campbell, CPA contributed an interview “On the Potential Pitfalls of Section 179”. This interview is posted online. Take 5-minutes to see and hear what Lance has to say, View Interview.
What are some potential pitfalls of section 179? There are some potential pitfalls to watch out for with Section 179, specifically in the following areas:
- Multiple business entities– Section 179 deductions are limited
- State tax law– Individual states have different laws regarding Section 179
- Tax bracket– Unique planning is required
- Cash flow– Today’s purchase can impact you down the road
- Selling assets– A future sale could affect your taxes
- New acquisition limits– Includes purchases over $2.5 million
I am the partner-in-charge of the Rochester, MN, office. I provide tax services to individuals, businesses and agricultural clients. I also provide compilation services and am a Certified QuickBooks ProAdvisor.
