26 Nov How to Save Money with Section 179
As we head into the hustle and bustle of the Holiday season, you’re probably at the point in the year where your organization is looking ahead to your 2019 goals.
What is Section 179?
Section 179 is a component of the IRS tax code intended for businesses of all sizes. The incentive allows businesses to deduct the entire price of qualified equipment or software in a given tax year. In addition, the 2018 deduction limit is $1,000,000, an increase from $500,000 in 2017. Check out our Section 179 infographic to learn more.
Is my company eligible for a Section 179 tax deduction?
In general, all businesses are eligible to receive a Section 179 tax deduction for the 2018 tax year for qualifying equipment or software between January 1, 2018, and December 31, 2018. Section 179 allows you to purchase or lease your equipment.
What items are eligible for Section 179?
One of the great benefits of Section 179 is that it applies to virtually all equipment or software, as long as it’s being used at least 50% of the time. This means you can deduct items such as barcode scanners, printers, mobile technology, and other qualified technology. In addition, certain software may also qualify for a Section 179 tax deduction.
Curious how much money you could save with Section 179 in 2018? Check out this simple tax deduction calculator that can help give you an estimate of your tax savings.
Then, get a jumpstart on your 2019 goals by letting us help. We have everything you need to make sure your supply chain doesn’t miss a beat next year. Not sure how to use supply chain technology in your organization? Our Solutions Process is designed to work with you one-on-one to help discover the right equipment to set you up for success.
Plus, we have multiple payment options available to meet the unique demands of the clients we serve.
Contact us below to get a jumpstart for the new year!
Please note that you should always contact your tax or accounting advisor for specific questions about tax deductions. This article is intended for information purposes only as AB&R® does not provide tax or accounting advice.