Here we are approaching another Christmas and New Year 2016. Can you believe it?
I do hope before the end of the year all of our customers and businesses out there are communicating with their accountants a list of any last minute deductions they can benefit from for 2015.
Are you familiar with Section 179? Section 179 is a tax code that was created to help businesses. It enables a business to take up to a $500,000.00 deduction on the purchase, finance or lease of equipment and certain types of software. The maximum purchase on equipment and qualified software is $2,000,000.00. The guidelines for Section 179 is that the purchase, finance or lease of said equipment needs to be submitted and equipment in place by Dec. 31st, 2015. Section 179 can change every year even mid-year so take advantage of it while you can.
If you’ve been putting off any last minute purchases to protect your business, “Now would be the perfect time, before it runs out.”