Yes.
Often, the same asset will qualify for Section 179 expensing and bonus depreciation. In this event, you decide what method to use or you may choose to combine depreciation methods. If you decide to claim Section 179 expensing and bonus depreciation for the same asset, you must use Section 179 first, then bonus depreciation, and then regular depreciation (if needed).
"Qualified property for Economic Stimulus" is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).
Material goods that generally qualify for the Section 179 Deduction
Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.
- Equipment (machines, etc) purchased for business use
- Tangible personal property used in business
- Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions)
- Computers
- Computer "Off-the-Shelf" Software
- Office Furniture
- Office Equipment
- Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)
- Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes).
