Taking Advantage of the Section 179 Tax Deduction
SECTION 179 TAX DEDUCTIONS
The Section 179 Tax Deduction has been a great success for small and midsized businesses since it was introduced as part of a stimulus package in 2008. This deduction encourages business owners to make capital investments by allowing them to deduct up to the full purchase price of machinery purchased and put into service during the tax year.
QUICK GLANCE AT SECTION 179
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year instead of capitalizing and depreciating assets over the year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. Though large companies can also benefit from section 179, it was mainly established to strengthen small and medium-sized companies’ financial ability to invest on equipment.
Important things about Section 179 Deduction:
The limit on section 179 deductions for 2017 the limits are the highest yet. 2017 Deduction Limit = $500,000.
The equipment must be financed/purchased and put onto your floor by the end of the day, 12/31/2017… read more
If your interested in taking advantage of the Section 179 deduction,
You must act soon!
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