Many types of equipment are eligible for the Section 179 tax deduction.
Business equipment expenses can add up quickly, especially if your company is experiencing growth. Fortunately, the Section 179 tax deduction can help reduce the financial burden that comes with buying or leasing equipment. It allows qualifying property to be deducted in the year it is purchased and put into use. One huge benefit of Section 179 is that is covers many types of business equipment and property. But how do you know if the equipment you are interested in qualifies for deduction?
There are several ways to find out. You can look at the Section 179 section on the IRS website. It has lots of helpful information, including a lengthy list of equipment that falls under the Section 179 “umbrella.” Next, you can you contact your tax professional or accountant to find out if the equipment you want is eligible for this tax incentive. You can use our handy Section 179 calculator to see your estimated deduction amounts. Once you are ready to move forward with an equipment lease, Balboa Capital can help. Our easy approval requirements and same-day funding are just what you need.
Common property that qualifies for the Section 179 deduction.
Tractors and Trailers
Section 179 infographic.
Balboa Capital created this infographic to present you with a visual overview of the Section 179 tax deduction. It features the latest deduction and phase-out amounts, common types of qualifying equipment, and more. Our Section 179 infographic is free to download and share.