A very common question being asked today by businesses is "What type of software expenses would qualify for the section 179 deduction expense?" Well, the IRS has stated that the software expense must meet all of the following general specifications:
1.The software must be either purchased or financed.
2.The software must be used in the taxpayers business or income-producing activity.
3.The software must have a determinable useful life.
4.The software must have a useful life greater than one year.
5. The software must be meet the following strict requirments in that it is;
a)available for purchase by the general public,
b)must be subject to a non-exclusive license, and
c)the software must not have been substantially modified.
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