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As we near the end of 2012, it's worthwhile remembering that the Section 179 deduction limit is based on the business's tax year while the bonus depreciation limit is based on a calendar tax year. The Section 179 limit for tax years beginning in 2012 is $139,000, subject to a $560,000 deduction phase-out threshold, while 50% bonus depreciation is available to qualified assets placed in service by 12/31/12. Calendar-year businesses can get 50% bonus depreciation and a Section 179 deduction of up to $139,000 for qualifying assets acquired and placed in service in 2012. Fiscal-year businesses can acquire and place assets in service after 12/31/12 and still get a $139,000 Section 179 deduction, as long as they do so by the end of the fiscal year ending in 2013. But to claim 50% bonus depreciation, they must acquire and place the assets in service by 12/31/12.