One of the most important things for your business is to manage finances in a smart way. The American government has made this easier today than ever for businesses like yours. Section 179 is an important write-off deduction on equipment that all businesses who spend under $2,500,000 on equipment should take advantage of yearly. This incentive gives your company a chance to deduct the full price of any qualifying new or used equipment bought during a given tax year. You can write off as much as $1,000,000 in qualifying purchases!
The Section 179 website offers various tools and educational materials for you to better understand the tax code. One of these useful tools is their Section 179 calculator. With this, you can put your finances for the year into the correct boxes and determine how much money your business can save for the year! Additionally, bonus depreciation allows up to 100 percent depreciation on qualified new and used equipment. The bonus depreciation is for qualified property acquired and placed in service after September 27, 2017 and before January 1, 2023.
Ledwell offers a variety of qualifying equipment and several are now in stock. For example, a 40’ Forestry Trailer or a 2019 Freightliner with 28’ Hydratail Bed. To learn more about how Section 179 works, visit their online government website at www.section179.org and find out if you and your business qualify today!