When you’re running a small business, you need to stay abreast of every possible money-saving strategy. That’s why, this year, you should look into the Section 179 Deduction small-business tax incentive. Section 179 allows a business to write off an entire equipment purchase for the year it is purchased, rather than writing a portion off for the next few years. According to the website for the deduction, “all businesses that purchase, finance and/or lease less than $2 million in new or used business equipment during the tax year 2017 should qualify” for the deduction. The only stipulation is that the equipment purchased must be “placed into service in the same tax year that the deduction is being taken.” This has the potential to save small businesses thousands of dollars. Just make sure that the equipment is both purchased and put into service by the end of this year, December 31, 2017!
Section179.org