Electing section 179 expense

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Use the Section 179 Expense dialog to assist you in making decisions that will allow you to maximize the depreciation deduction for your clients.

In the Asset List window, choose Tasks > Elect Section 179.

The Elect Section 179 dialog displays all of the client's assets that were placed in service in the current year and are eligible for section 179. The assets listed above the blue line were placed in service during the last three months of the client's year, and are prime candidates for the section 179 deduction.

You can click the Max button to enter an asset's maximum section 179 allowed in the Tax Election and any state election columns. Or, you can enter the desired section 179 allowed in an asset's Tax Election or state election columns. The amount you enter will be expensed for the appropriate treatment. The Max All button can be used to enter the maximum section 179 allowed in the Tax Election and any state election columns for all listed assets.

A Mid-qtr FYI or Half-year FYI button appears below each treatment column, depending on whether the mid-quarter or half-year convention applies for that column. Click the button to open the MACRS Convention Information dialog, which explains why the mid-quarter or half-year convention applies.

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