Use the Section 179 tab to enter the yearly section 179 deduction limits that are set by the United States government.
This limit applies to any additional books that you set up for an asset item on the Additional Books tab in the
Equipment hub for which the section 179 deduction applies (you selected the
Section 179 check box for the additional book on the Additional Books tab).
You can review a summary of the asset items that have section 179 deductions applied to them on the Section 179 Review form in
.
Contents
Section 179 Deduction Limits Grid
Use this grid to set up the tax year calendar and limit for section 179 deductions. You can create limits for multiple years, with the most current year defaulting to display at the top of the grid.
When you select the
Section 179 check box on the Additional Books tab of this form, the
Less Section 179 Deductions field displays on the Additional Books tab in the
Equipment hub. Enter the deductions for the additional books in this field.
DPS validates that the amounts do not exceed the limits that were set for the given tax year. If they do,
DPS displays the following error message:
"The amount you have entered will exceed the Section 179 limit set for this tax year."
| Field | Description |
|---|
| Section 179 Deduction Limits Drop-Down
|
Click the drop-down arrow on a grid header to complete any of the following actions:
- To print grid data, click
Print. On the Print Preview form, click
to send the grid data to your default printer.
- To export grid data to an Excel spreadsheet, click
Export to Excel. When Microsoft Excel opens, use its features to modify, print, or email the grid data, or to save the spreadsheet file locally.
- To turn on grouping for a grid, click
Enable Grouping. When a field displays with the instruction: "Drag a column header here to group by that column," drag and drop column headers into the field, in the sequence that you want them to display.
Not all options are available on all grids.
|
 Insert
|
Click this option to insert a blank row on the grid. The row with the most recent range of dates displays at the top of the grid. Complete the fields in this row to add a deduction limit.
|
 Delete
|
Select the row to delete and then click this option to remove the deduction limit.
|
| Tax Year Start
|
Enter a start date for the section 179 deduction limit. You can also select a date from the calendar. This date displays as the start date in the
Select Tax Year drop-down list in
.
|
| Tax Year End
|
Enter an end date for the section 179 deduction limit. You can also select a date from the calendar. This date displays as the end date in the
Select Tax Year drop-down list in
.
|
| 179 Limit
|
Enter the monetary amount for the section 179 deduction limit for the tax year. This is set by the U.S. government and is the total section 179 deduction amount that you can take for asset items combined for the tax year. If you enter a section 179 deduction amount for an asset item in the
Equipment hub, and the amount exceeds the specified limit in this field,
DPS displays a warning message to alert you that you cannot take any further deductions for the remainder of the tax year.
This amount displays in the
Section 179 Limit field in
.
|
