There were a lot of last minute changes made in the tax code regarding how you can deduct capital assets you purchased. Rather than depreciating business property over several years, these optional methods allow you to expense certain property in the year placed in service.

If you’re a business owner, you are probably familiar with Section 179 and its benefits. Section 179 allows business owners to fully deduct certain equipment purchases in the year they were purchased rather than depreciating the expense over several years. To qualify, property must be used more than 50% in a trade or business and be acquired from an unrelated party.