Don’t Miss Out on Savings
November is a great month to take advantage of the Section 179 tax deductions in 2016. Instead of depreciation, these tax deductions allow businesses to write off entire equipment purchase prices for the year they buy it. To qualify for Section 179, you must act before December 31st, 2016!
The language used in Section 179 may seem intimidating, but it’s not. This incentive of the IRS code was designed to assist small businesses with tax relief. It’s different from Bonus Depreciation; while Bonus Depreciation doesn’t occur every year and only covers new equipment, both new and used equipment qualify for Section 179. There are limits, however—it caps the total amount written off to $500,000 for 2016 and limits the total amount of equipment purchased ($2,000,000 in 2016). This also makes it perfect for small and medium-sized businesses.
Equipment Valid for Section 179
Section 179 is valid on most types of equipment, so if you use it for your business, then it probably qualifies. Some of our qualifying equipment for this year include:
- Automated storage systems
- Compact pallet racks
- High density mobile shelving
- Record box storage shelves
- Rotary file cabinets
- Modular casework
- Modular in-plant warehouse offices
Contact Us for More Information
Southwest Solutions Group® wants to make sure you make the most out of your tax deductions for this year. We’re here to help! For more information on equipment, services, and software we offer, call us at 1-800-803-1083 or send us a message today.
The post Take Advantage of Section 179 Tax Deductions for Business Equipment appeared first on INNOVATIVE STORAGE SOLUTIONS.