Get the tools you need before the end of the year—and keep money in your pocket. That’s what Section 179 can help you do, if you buy equipment before the end of the calendar year. Learn more about this business-friendly tax code and how it can help you.
What is Section 179?
Section 179 is a part of U.S. tax law that let businesses to deduct as much as 100% of the cost of equipment that they purchase in a given year. You can get your purchases off the books right away instead of having to divide the cost up and list it on your taxes for multiple years.
According to Section179.org, “in many cases, the tax savings from the deduction will make your bank account larger than if you never financed the equipment in the first place.”
The key is that Section 179 can help you save money on taxes and use those funds to build your business instead. After all, wouldn’t you rather get new tools than pay more taxes?
How much can you save using Section 179?
The maximum deduction is $1,000,000 according to the IRS.
See how much you personally could save with this handy Section 179 calculator.
What purchases are eligible for Section 179 deductions?
Most metalworking and woodworking equipment—new and used—qualifies for the Section 179 deduction. Software may be eligible as well.
In other words, the vast majority of what you can buy from Baileigh Industrial will count as a Section 179 deduction.
How can you take advantage of Section 179?
It’s simple:
- Just purchase the tools you need before the end of the calendar year.
- Fill out IRS Form 4562. It’s just 2 pages long. (The 2018 version of the form is not yet available. Check the IRS page closer to tax season.)
Still not sure how you can make the most of Section 179? We can help you pick out purchases that will qualify as deductions.
Call us at 1-844-477-7707 and talk to a friendly Baileigh Industrial representative. Our technical sales specialists are trained in pairing the proper machinery with the proper application.
The information in this post is general. Consult your tax professional for details and advice related to your finances.