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Lower Your Taxes with Section 179 Deduction Internal Revenue Code Section 179 allows a taxpayer to expense up to $102,000 of qualifying property placed in service during 2004 and 2005 (adjusted for inflation in 2005). After 2005, the annual limit will be reduced to $25,000. The $102,000 limit is reduced dollar-for-dollar (but not below zero) to the extent the taxpayer purchases more than $410,000 of qualifying property in 2004 and 2005 (adjusted for inflation in 2005).

New Tax Bill Saves Popular Tax Breaks By overwhelming margins in both federal chambers, the House and Senate approved the Working Families Tax Relief Act of 2004 (the Act). The Act doesn't blaze any new trails, but, instead extends the expiration of numerous tax provisions.

New Jobs Act Changes Depreciation Rules The American Jobs Creation Act of 2004 (2004 Jobs Act) made some significant changes to the methods businesses use to depreciate certain assets. Except for the potential difference in depreciating SUVs, the Act's provisions are generally taxpayer friendly.