Posted by Alicia Bostic on November 18, 2016

 

Did you know you can deduct up to $500,000 on taxes if you purchase new and used equipment before the end of the 2016 year?

The Section 179 deduction can quite literally put thousands of dollars in your pocket. As a form of accelerated depreciation, this tax code allows you to take as an expense a large of the purchase cost of business equipment in the first year you buy and use that equipment.

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Section 179 encourages business owners to invest in equipment or technology by allowing them to deduct all, or a substantial amount of the asset’s value the first year. Businesses can deduct the full purchase price of qualifying new or used equipment and/or software purchased or financed during the tax year up to $500,000.

Section 179 for 2016 expires at midnight, 12/31/2016.

If you wish to deduct the full price of your equipment from your 2016 taxes and take advantage of the new higher deduction limits, it must be purchased and put into service by then.

The example below demonstrate the amount of savings possible by taking advantage of this tax code:

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 Call us today at (888) 228-3241 for approval and availability.

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