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Section 179: A Tax Write-Off Every Business Needs to Know About

As a business, if you haven’t already taken advantage of Section 179 – you could be leaving money on the table. According to Section179.org, “Section 179 is a tax code created to help businesses.”. This tax code allows businesses to deduct the full amount of the purchase price of equipment (up to $500,000.00) this year as an incentive to purchase, finance, or lease equipment. By deducting the entire cost of your business equipment purchase you lower the amount of taxes you pay on that equipment. 

 

This is a use-it-or-lose-it business tax write-off that ends December 31st leaving you about 40 days left to take advantage. Basically, this means that any business equipment (up to $500,000 worth) that is purchased and installed before 12/31/2016 will be tax free. This tax incentive is available on a per purchase basis so you are not required to claim every purchase or equipment lease (but you can).

 

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There has never been a better time to upgrade your datacenter, replace those aging workstations, convert your staff to using dual monitors, or just purchasing the upgraded version of that software you like.

 

For more information check out the following resources:

What is qualified?

Frequently Asked Questions

 

 

Related:

https://www.systechinfo.com/news/2015/07/05/city-of-chicago-to-levy-cloud-tax 

 

 

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