If you are in business, you were eligible to take a very significant amount ( up to $250,000 in 2008 and 2009; and up to $500,000 in 2010 and 2011) for the purchase of Section 179 property.
This is a tremendous tax benefit but could be easily under-utilized by tax payers if not planned properly.
If you use this tax benefit properly you could create enormous capacity in your business and get current year tax benefits out of it.
You could purchase an asset this year with a down payment (if you can get the asset financed) and have the whole down payment financed by your tax savings and even your interest payments are deductible.
This is an excellent tax deduction for businesses that should be fully utilized. The limit for 2011 is $500,000. After that the limit will go back to $25,000.
Do not miss this great deduction.
