Deduct $1 MILLION in Business Expenses in 2018 to Offset Your Company’s Tax Liability

What is Section 179?   The IRS allows businesses to deduct the full purchase price of “Qualifying Equipment” (see below) and software that you purchased during the tax year. No matter if you purchase equipment outright, or finance or lease it, you can deduct the full purchase price from your reported gross income!   What is “Qualifying Equipment” per IRS code? Almost anything you would buy that is connected to technology that helps your business be productive. Equipment (machines, etc) purchased for business use Computers “Off-the-Shelf” Software Office Furniture Office Equipment Property attached to your building that is not a structural component of the building (i.e: a printing press, large manufacturing tools and equipment) Tangible personal property used in business Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes) Business Vehicles with a gross vehicle weight in excess of 6,000 lbs Please keep in mind that to qualify for the Section 179 Deduction, the equipment must be purchased and put into service between January 1 and December 31 of the tax year you are claiming. For further details about deduction limits, […]

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