A quick guide to Section 179. What is it?
No one likes to pay more than their fare share of taxes. We don’t like filling out the paperwork or filing them, and we really don’t like that we don’t see any immediate returns. What if there was a way to increase your profits while legally getting out of paying a large portion of taxes for your business?
Would you be interested? Of course you would.
Long story short, this section of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased during the 2016 tax year.
Check out your tax write-off for 2016
In order for this code to provide you with significant tax relief for this 2016 year, but equipment and software MUST be purchased and in place by midnight on December 31,2016. Use this 2016 Section 179 Calculator to see how much the deduction can save you.
Does it work with financing?
Yes! This deduction can be used with financing or leasing options. You get the equipment and are able to start making money off of it, and use this years deduction. A win-win.
The above is an overall, simple view of the Section 179 Deduction for 2016. For more details on limits and qualifying equipment, please consult a tax professional.
More information can be found at section179.org.