Have you (or your corporation) been expensing too much or too little?
Either way it’s not a problem. You see, you can change the amount you’ve been expensing without a lot of hassle.
In fact, you can claim Section 179 expensing even if you didn’t expense a dime in the first year.
Want to find out how you can file a 1040X to change your Section 179 expensing? Read our new article titled 1040X, 1120X Amended Tax Return for Section 179 Expensing. It’s loaded with valuable information.
Three ways our fact-filled article can help you.
- We’ll explain the new 1040X, 1120X amended return rule. Before 2003, you set your Section 179 expense deduction in stone when you filed or amended your tax return (on or before the original due date, including extensions). Things are different now and we’ll explain how when you read the full article.
- How to qualify 1040X, 1120X Section 179 Amended Return Assets. As you’d expect, you first need a qualifying Section 179 asset to trigger the need for an amended return. You would think that this would be straightforward. But it’s not. We’ll explain why when you read the full article.
- You’ll learn what property you can exclude. There are two kinds of property that are excluded from Section 168. You’ll find out what they are when you read the full article.