The end of the year is quickly approaching! It’s time to start thinking about tax deductions for your business.
Take advantage of the Section 179 Program the Government is offering for Bonus Depreciation and Deductions for Equipment purchases. With build times exceeding 16 weeks for some body companies, let’s get going.
WHAT IS THE SECTION 179 DEDUCTION?
Many people think the Section 179 Deduction is some mysterious or complicated tax code, although it really isn’t. It’s an incentive created by the U.S. Government to encourage businesses to buy equipment and invest in themselves.
Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year.
That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.
What could those tax savings do for business?