After the holidays are over and we’ve rung in the New Year, it’ll be time to make an appointment with your accountant. Did you know that a part of the IRS tax code allows you deduct on your year-end equipment purchases?
It’s called Section 179.
When you add your equipment purchase deductions and leasing on your 2016 tax returns, you’ll save money. Software programs including Asset can be deducted as well. Here are five ways that Section 179 will save you money:
Additionally, you can retain your cash flow by making smaller payments on your leased equipment. Not only will you be able to make smaller payments, but you’ll receive more money after your deductions. The website, Section 179.org, says it best:
“The obvious advantage to leasing or financing equipment and/or software and then taking the Section 179 Deduction is the fact that you can deduct the full amount of the equipment and/or software, without paying the full amount this year. The amount you save in taxes can actually exceed the payments, making this a very bottom-line friendly deduction (you are reading this correctly; in many cases, the deduction will actually be profit).”
Asset software applies to the tax deduction because
Read how you can save money and time when you invest in Asset.
There is so much to learn about Section 179 that there is a website dedicated to it—Section179.org. Learn more about 2016 Section 179 Financing at Crest Capital’s website. If you have any questions or want to apply these deductions to your 2016 tax return, contact your accountant.
Do you want to grow your landscaping business in 2017? You can grow your income, save money and avoid data duplication by investing in Asset and iCREWtek in the New Year. To learn more, call us at Include, 800.475.0311 or fill out our contact form.
Sources:
EquipmentFinanceGroup.com, “How Year-End Purchase of Equipment Can Save Taxes.”