Writing off Business Equipment in 2014

In 2013 you could write off up to $500,000 of the cost of business equipment under section 179 of the internal revenue code. I think that was generally enough for every small business in America to write off 100% of all equipment purchases. That nice rule went away for 2014 and is now only a low $25,000. Congress could still change the law before the end of the year, but I wouldn't count on it for tax planning purposes.