Time is almost up to take advantage of the 2017 tax deduction. Like last year, Section 179 allows businesses a tax deduction for equipment and software that is purchased or leased and placed into service before December 31, 2017. This includes dock and door equipment for your facility. Again, just like last year the deduction limit is set at $500,000.
How to Take Advantage of the 2017 Section 179 Deduction?
To get your Section 179 tax deduction benefit make sure when you file your business taxes for 2017 that you include the IRS Form 4562 and deduct applicable business equipment. Follow this link to help you in estimating your potential savings. Section 179 Savings Calendar.
Qualifying Purchases under Section 179:
Office and warehouse furniture and equipment
Computer software and hardware
Vehicles used for business (with exceptions)
Take advantage this year before the bonus depreciation rate drops next year. For 2017 the bonus depreciation allows you to depreciate 50% of new equipment cost like previous years. However, 2017 will be the last year, in 2018 bonus depreciation will shift downward to 40%, and on to 30% for 2019. Make sure you take advantage this year as this is the last year you will be able to enjoy the Section 179 deduction with 50% bonus depreciation.
Note: We recommend that it’s always the best policy to consult with your own accountants or tax professional before you purchase equipment to take advantage of the cost savings benefits of Section 179.
Now is the time to take advantage of Section 179 before it’s too late. Contact Southern States today to receive the benefits of Section 179 tax code before the December 31st deadline.