Section 179 Expense Amount for Tax Year 2007

The maximum allowable expensing for certain "qualifying business property" under Internal Revenue Code (IRC) §179 has INCREASED to $125,000 for tax year 2007. The phase-out threshold increases to $500,000.

The right to revoke or change a Section 179 expense election without IRS consent has been extended. Also extended is the eligibility to expense off-the-shelf computer software.

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