Understanding the Section 179 Deduction
It’s hard to believe that 2017 is ending already, but that means it’s time to talk about the Section 179 Deduction program again. This tax program can save your business thousands and should be considered by every small business in America. Most small and medium sized companies will be benefiting from this deduction so don’t miss out! The equipment must be purchased and put into service by 11:59pm, 12/31/2017. The deduction limit is $500,000 and the limit on capital purchases is set at $2,000,000. This can really help your bottom line at years’ end. The purpose of the deduction is meant to encourage businesses to stay competitive by purchasing needed equipment, and writing off the full amount on their taxes for the current year.
Click Here to see the Section 179 calculator in action for 2017 – go ahead, run some numbers and see how much you can save in real dollars this year.
The Section 179 is good on both new and used equipment and is a true small business tax incentive. A lot of people think this is a mysterious tax code, but it is fairly simple. This section of the IRS tax code enables businesses to deduct the total purchase price of qualifying equipment from their gross income. The idea is the program is an incentive to encourage businesses to purchase equipment and invest into their company. As one of the very few incentives offered, this one is a must!
To Learn More, Click Here!