Article Date:
July 2010


Word Count:
426

 

 

Tax-Saving Tips for Married Taxpayers Claiming Section 179 Deductions


If you are married, you need to know three special rules that can benefit your Section 179 deductions.

 

1.

The Section 179 business income limit includes W-2 income earned by both you and your spouse.

2.

Section 179 expensing treats you and your spouse as one taxpayer.

3.

If you and your spouse file separate returns, you need to make an overt election of how you are going to share your Section 179 deductions.

 

The W-2

 

For Section 179, among other purposes, employees are engaged in the active ... Log in to view full article.

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