A Game Changer for Small and Medium Businesses: Section 179
If you haven't yet taken advantage of Section 179 tax incentives to purchase or lease office technology and managed IT equipment in the current tax year, you still have a few weeks left to do so.
According to the IRS website: "Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves." However, in order to take the deduction for tax year 2020, the equipment must be financed or purchased and put into service between January 1, 2020 and the end of the day on December 31, 2020.
Thinking about new equipment? Then think Section 179, the government’s way of encouraging businesses to invest in themselves and purchase new equipment. The 2019 updates, found in the IRS tax code, make this a true benefit. For example, you can deduct the full price of new equipment—multifunction printers, wide format printers, production press—you purchase for your business.