Support CenterHow do I enter Section 179 deductions in SureFire?
🔍 How do I enter Section 179 deductions in SureFire?
This guide explains how Section 179 amounts work in SureFire and what each field means when you enter them for a property.
⚠️ Before You Begin
Generally, taxpayers can elect to expense part or all of the cost of section 179 property that they place in service during the tax year and use predominantly (more than 50%) in their trade or business.
For more information, see the IRS instructions for Form 4562.
📊 What SureFire Does With Your Entries
Use this when you need to know how your Section 179 input affects the rest of the return.
SureFire will use the amount you enter here on subsequent Business Asset Worksheets that you add to this return.
📝 Understanding the Section 179 Fields
Line 1, Maximum dollar limitation
Use this when you need to enter (or not enter) the maximum limitation.
If you are not preparing a state return, leave this field blank.
SureFire calculates the federal and state fields. See maximum limits above.
Line 2, Total 179 elected this return
Use this to understand how the total is determined for the return.
SureFire calculates the total amount of 179 expense claimed on all Business Asset Worksheets in this return.
Line 3, 179 remaining for this property
Use this to see how much Section 179 is left for the specific property.
SureFire subtracts the total amount claimed from the maximum allowed. If this amount is zero, you cannot claim the 179 expense deduction for this property.
Line 4, Auto 179 remaining for this property, if limitations apply
Use this when the property is an automobile and limitations may apply.
SureFire displays this amount if this property is an automobile used more than 50% in the business.
Line 5, 179 election amount for this property
Use this to choose how much of the property cost the client wants to expense under Section 179.
Type the amount of 179 expense deduction the client wants to claim on this property. The client does not have to expense the entire cost of the property. SureFire calculates depreciation on the any amount over the 179 amount.
📞 Still Need Help?
If you are having trouble, contact our support team:
Phone: 1-800-516-9442
Tags: federal,form