Business owners will often buy or lease equipment without knowing if their equipment costs can be deducted. If you want to take advantage of the Section 179 tax deduction, it is essential for you to know if your equipment qualifies. The best way to find out is by contacting your business accountant, as he or she is the best resource for everything related to business tax write-offs. Up to $500,000 worth of qualifying equipment can be deducted, so long as it is purchased and put into use on or before the end of the year. Here is a list of property that is generally accepted under the current tax deduction:
Office Furniture and Fixtures
Computers and Software
Large Business Equipment
Put Section 179 to Work for Your Business
Small business expenses can add up quickly, particularly if your company needs new or updated equipment. Fortunately, this tax deduction can help reduce the financial burden that comes with buying or financing equipment. It allows qualifying property to be deducted in the year it is purchased and put into use, which is a fantastic benefit for any business. The Section 179 tax deduction can be used by sole proprietors, partnerships and corporations. Here at Balboa Capital, we’ve provided equipment financing programs to thousands of businesses in the United States, and many of them have benefited from the Section 179 tax deduction. As mentioned above, contact your tax professional if you have any questions.