What is the Section 179 expense?

Q: What is the Section 179 expense?

A: The deduction contained in the Internal Revenue Code Section 179 allows for expanded deduction of equipment purchased for the year of 2008. During the year 2008, the maximum allowable deduction is $250,000. Bonus depreciation has also been reintroduced. To qualify for bonus depreciation, the equipment must be purchased brand new and be used within a trade or business.