Section 179 is a valuable tax benefit which every business should know about. Section 179 allows businesses to take an immediate tax break on the equipment purchase. This is done by reporting equipment purchases on federal taxes as an expense.
This may allow businesses to make the decision to acquire the new equipment that is needed to stay and competitive or move forward with an expansion.
With a recent notable change Section 179 now allows businesses to also purchase used as an eligible expense. Previously, this was only available for new purchases. This gives entrepreneurs even more options to maximize their purchasing power and select the equipment that’s best for their business.
Contact us with any questions you have about Section 179 and how it can work with equipment financing and leasing.