If you own a business, one of the most important tax codes you need to be familiar with is Section 179. It lets you deduct the purchase price of many types of equipment that is used for business. Over the years, this tax code has helped entrepreneurs and long-established business owners throughout the country write off a big portion of their equipment and technology purchases, thereby enabling them to save their cash. According to the IRS, the Section 179 tax deduction limit as of January 1st 2014 is $25,000. This is a sharp drop from last year’s limit, but it still presents you with an opportunity to deduct a certain amount of your equipment, technology and software purchases when it comes time to do your business taxes.