Tax deduction gives a financial incentive for equipment purchase
The Section 179 deduction is a tax incentive that is easy to use and gives businesses an incentive to invest in themselves by adding equipment. Taking advantage of Section 179 will help your business keep more capital while getting needed equipment and software. See how much the tax deduction can save your company.
Section 179 Tax Deduction
Tax deduction limit under Section 179 has been raised to $1 million
Most tangible business equipment qualifies
Equipment must be purchased and put into use between Jan. 1 and Dec. 31 of the tax year you are claiming.
Section 179 for this year expires at midnight on Dec. 31.
You can take full advantage of the deduction when leasing equipment, which is a preferred strategy for many businesses.
To take the deduction when you file your tax return, simply fill out Part 1 of IRS form 4562 or contact your tax advisor.
Section 179 Resources
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