Section 179 Made Simple
Q3 is coming to a close and many businesses are gearing up to finish the year strong. By now many businesses have taken advantage of the Section 179 tax deduction to purchase the equipment they need before the year comes to an end. Has your business used Section 179 this year to purchase equipment?
With our simple to use Section 179 calculator all you need to do is simply enter the cost of equipment you are interested in and the calculator will handle the rest. You will be able to see the breakdown of savings that you will see as result of the Section 179 tax deduction. From there you may print out the document or clear it out and reuse.
Locate the box labeled “Equipment Cost” as shown in figure 1 and enter the cost of the equipment you are interested in.
Your savings will be broken down and displayed as shown in figure 2 .
More on Section 179
Section 179 is a section of IRS tax code allows you to deduct the full purchase price of the equipment from your gross income. Section 179 was included in the Stimulus Bill to help give tax relief to business owners. If used correctly, it can effectively change the your tax liability ( It can help turn around a year in the black. ) You don’t want to let these types of opportunities go to waste. Section 179 isn’t guaranteed, every year the stimulus bill has to get reapproved in order for the tax code to apply.
Section 179 for 2018 allows up to $1,000,000 to be deducted, but it varies from year to year.
If you are looking for additional information on Section 179 you can read our page completely dedicated to the deduction.
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