How much money can Section 179 save you in 2018?
Hurry, the clock is ticking on the opportunity to take advantage of the 2018 tax advantages of the 179 deduction. The Section 179 Deduction has a real impact on your equipment costs. If you are considering whether or not to purchase/lease equipment in the current tax year 2018 then the Section 179 Deduction Calculator for 2018 may very well help in your decision. Section 179 could save your company a lot of money, how about up to $1,000,000? This limit will hold for the entirety of 2018 year.
By allowing businesses to deduct the full amount of the purchase price of equipment (up to certain limits), Section 179 is an incredible incentive for businesses to purchase, finance or lease equipment they need this year instead of waiting.
Section 179 is able to help companies because the 170 code is aimed for general business equipment, as well as off-the-shelf software. So, if you use it in your business, it probably qualifies. Here is a list of qualifying Section 179 equipment.
With the ability to deduct the full cost, you lower the amount you pay for equipment and/or software substantially. You can benefit even more if you choose to lease or finance your equipment and software using Section 179 Qualified Financing.
All you need to do is buy (or finance/lease) the equipment, and use a special IRS form. That’s it. Details here.
*To qualify for a Section 179 deduction, the equipment must have been purchased, leased/financed and placed into service by midnight, December 31st of the year you are taking the deduction for.
Over the past several years, Congress has raised the deduction limit, let higher limits expire, then raised them again. Various tax and stimulus acts have affected Section 179 over the lat several years. It has once again increased to your benefit!