What is the Section 179 Deduction?
In the United States, the Section 169 Deduction is a tax code intended make it easier for small businesses to purchase capital equipment by using the full purchase price as a tax deduction.
How could the Section 179 Tax Deduction benefit me?
Using your new Cefla finishing equipment as a tax write-off, you may qualify to receive a significant amount of money back that can be reinvested into your business. Compared to years’ past, you may be able to write off the entire amount of your qualifying equipment up to $1,050,000. Additionally, businesses purchasing qualifying equipment may be eligible for an additional allowance called Bonus Depreciation. According to www.section179.org, the Bonus Appreciation Allowance can be useful to businesses spending more than the Section 179 spending cap of $2,620,000 on new capital equipment. In most cases, Section 179 is taken first and followed by Bonus Depreciation.
Who qualifies for the Section 179 Tax Deduction?
According to the website www.section179.org:
How can I take advantage of the Section 179 Deduction?
To get started, contact your local Cefla sales representative. Our team is well-versed in financing initiatives that help you make the most of your future investment. There is also a helpful deduction calculator tool you can use if you want to crunch the numbers on your own. Lastly, when preparing your taxes you’ll submit IRS form 4562, which will ask you to describe your equipment and declare its cost.