The New Year is drawing ever closer, but there is still time for U.S. taxpayers to take advantage of the Section 179 depreciation deduction before 2016 comes to a close.
To put it simply, Section 179 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 qualifying equipment, you can deduct the full purchase price from your gross income. Taking this deduction isn’t mandatory, but if you don’t take it for the year the equipment is purchased, you don’t get another chance.
This means if your order is financed and in place by 11:59 p.m. Saturday, Dec. 31, you can get the benefits in time for your 2016 taxes. Pair that with what you can save with our Holiday Specials, and you can make an already great deal even better! Note: You cannot take a Section 179 deduction that is larger than your taxable income.
Of course, this is just a friendly reminder. The Rocket Yard is not a financial adviser. The information provided here is not a substitute for independent professional advice. Please see your individual tax or financial adviser for professional advice relevant to your particular circumstances. And for more information please visit www.section179.org.