Save Money with the Section 179 Deduction for Businesses

Save Money with the Section 179 Deduction for Businesses

by Eric Schueler, Senior V.P. of Information Technology at HRCT.

 

 

Equipment, Computers and Some Software is Tax Deductible under Section 179

 

Save Money with the Section 179 Deduction for Businesses

 

It’s not too late!

 

 

What does this mean for your Business?

It means you need to act now, so your business can take advantage of the 2018 tax deductible savings that section 179 provides for this year. Even better, now businesses can expense even more under the new law.* This means that you can buy equipment and/or software now, and your business can deduct the full purchase price on your 2018 taxes.

 

Do not wait! If you don’t take advantage of this now,
you will lose the 2018 savings on January 1st!

 

Speak to a HRCT team member to find out what Business Telephones, Computers, Information Technology (IT), and Security Cameras and Surveillance Systems you can purchase now under the Section 179 Deduction.

Call: (757) 399-3350

 

What is the Section 179 Deduction? What Qualifies as a Deduction?

What is the Section 179 Deduction for Businesses?

The Section 179 Deduction was originally created to give small businesses a much needed tax relief, and it acts as an incentive by the United States government to urge businesses to invest in their company and buy equipment and/or software. Now businesses of all sizes can benefit. The full purchase price can be deducted from your gross income during the tax year.

To take the deduction for tax year 2018, the equipment must be financed or purchased and put into service between January 1, 2018 and the end of the day on December 31, 2018.

Click here for more information about the Section 179 Deduction.

 

What Property Qualifies for the Deduction?

Here is a list of the property that qualifies for the Section 179 deduction. You should contact your tax expert to verify that your purchase qualifies.

To take the deduction for tax year 2018, the equipment must be financed or purchased and put into service between January 1, 2018 and the end of the day on December 31, 2018.

  • Equipment (machines, etc.) purchased for business use
  • Computers
  • Computer “Off-the-Shelf” Software
  • Tangible personal property used in business
  • Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (see Section 179 Vehicle Deductions)
  • Office Furniture
  • Office Equipment

Click here for more information about the property that qualifies.

 

 

Click here to try this handy calculator, so you can see approximately how much your business can save.

 

Use it or lose it! If you don’t take advantage of this now, you will lose the 2018 savings on January 1st. Call HRCT Today! (757) 399-3350

 

 

*“With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased to $2.5 million.

Further, the bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation also now includes used equipment.”

– Jan 2, 2018  https://www.section179.org/

 

For more information about Section 179, call Eric Schueler, HRCT’s Senior V.P. of Information Technology. (757) 399-3350

 

 

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Posted by Eric O. Schueler, A+, MCP, MCSE, MCTS, CSSA, ACSP – Senior V.P. of Information Technology at HRCT. Eric has been in the business of providing IT and consulting for small and medium business for more than 15 years.

Hampton Roads Communication Technologies (HRCT) provides quality business telecommunications solutions, business security systems, computer and IT support, data protection and security and managed service agreements to companies and organizations throughout the United States, Mid-Atlantic and the Hampton Roads Virginia cities of Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Newport News and Hampton, north into Williamsburg and south into the Outer Banks of North Carolina. HRCT keeps your company connected with 24/7 emergency service.

Call today. (757) 399-3350