Section 179 for 2019
Have you heard of the Section 179 tax code? Are you wondering if you qualify for Section 179? Here’s a quick “big picture” overview of what Section 179 is.
Section 179 is here to help:
Section 179 allows businesses to deduct the entire amount of the purchase price of equipment (limitations apply), which is a great incentive for a business to lease, finance or purchase equipment.
It’s valid on most types of equipment:
Section 179 is really useful to companies because it’s intended for general business equipment, as well as off-the-shelf software. To put it simply, if you used it in your company, it probably qualifies.
Section 179 can help your bottom line:
By deducting your final cost, you’ll lower the total amount you pay for equipment or software immensely. Section 179 gives you the option to lease or finance your equipment and software using Section 179 Qualified Financing.
Section 179 must be used by the end of the year:
In order to qualify for a deduction, the equipment must have been purchased, leased or financed and put into service by midnight, December 31st 2019.
Section 179 is so easy to use:
All you have to do is buy, lease or finance the equipment, and fill out a special IRS form. That’s all!
Section 179 Tax Calculator:
To check your tax deduction, follow this link here.
Section 179 can change faster than a pair of socks:
Over the past few years, Congress has raised the deduction limit, let some higher limits expire, then raised them again! There have been some tax and stimulus acts that have affected Section 179 as well. Your best chance to stay on top of things is to visit Section179.org quite often.
Tom’s Truck Center is here to help:
If you have any questions about qualifying truck purchases, please reach out and we will be happy to walk you through the process.