Saving With the Section 179 Tax Deduction
What is Section 179?
Section 179 is part of the IRS tax code. It can help you take advantage of equipment purchases through tax deductions.
How can my business save with Section 179?
If your business spends less than $2,590,000 on qualified equipment, you could profit by combining the Section 179 tax deduction and financing your business needs.
By combining Section 179 and equipment financing, your business could deduct the entire amount of your equipment purchase while paying a fraction of the cost up front. Your tax savings can exceed the monthly payments on your equipment during the taxable year.
How do I know if my equipment is eligible?
According to the IRS, any equipment purchased and actively used for your business may be eligible for Section 179 savings. This includes machinery, computers, software, or any other tangible goods.
To make sure your equipment qualifies, view the IRS’s Publication 946.
What are the limitations?
Businesses that spend less than $2,590,000 a year on qualified equipment can write off up to $1,040,000.
How do I start?
First, contact your tax adviser to see how Section 179 could impact your business. For the most up-to-date information on Section 179, visit www.irs.gov. Then, contact Western Equipment Finance to finance your equipment purchase. We'll be able to work with you on financing to profit with Section 179.
Contact your tax advisor for the specific impact to your business or visit www.irs.gov.
Note: Western Equipment Finance, Inc. does not provide legal, tax, or accounting advice. We recommend customers obtain and rely upon such advice from their own accountants, auditors, attorneys, or other professional advisers. For complete details or changes, please visit www.irs.gov or contact the IRS helpline at 800-829-4933.