Advantages of Section 179 Tax Deduction
If you are a small-business owner, you’ll be sure to benefit from the recent extension of the Section 179 expense deduction. Business owners can take advantage of the Section 179 deduction, which allows them to deduct up to $1,050,000 on qualifying business equipment such as technology and computer software, if they purchase or finance this new equipment and put it into service before December 31, 2021. The deduction is good until a company reaches $2.62 million in purchases for the year.
The federal government’s intention with this program is to stimulate the economy by permitting business owners to accelerate their depreciation rate so that instead of being forced to depreciate their capital expenditures over a 5-year basis, they can depreciate their entire investment at once, which can typically result in major tax savings.
“When we discovered that some of our customers were either unaware of or not taking advantage of this program, we felt compelled to educate them on its benefits. The only reason for any company to invest in new technology is if it increases your profitability and gives you a competitive advantage. Section 179 is a huge opportunity to accomplish both of those ends, while helping leverage deductions provided by the IRS.” – Kelly Ethington, President
Anyone interested in purchasing new equipment can save substantially on the cost by taking advantage of this easy tax deduction. Don’t pay more than you have to for the equipment your business requires to grow its business! If you need new equipment and want to reduce your tax bill, contact CTS before the December 31 deadline!
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