UTILIZE SECTION 179
Section 179 is the area of the IRS tax code created to help businesses reduce their tax liability. Under extended Section 179 limits established by the American Taxpayer Relief Act of 2012 (H.R.8), businesses that purchase qualifying equipment in 2013, may immediately depreciate up to $500,000 of their new or used equipment costs.
In addition, businesses acquiring qualifying (NEW) equipment may utilize an additional 50% BONUS depreciation allowance.
Additional depreciation for both new and used qualifying equipment is allowed with the use of the standard first year depreciation allowance (under MACRS rules, 20% for equipment with a 5 year class life as defined in IRC Section 168).
Section 179 is an excellent incentive for businesses to purchase, finance, or lease equipment this year.
To help you see how much money you can save, use the Section 179 Savings Calculator below. This will give you an accurate picture of just how much savings can be generated when utilizing the Section 179 deduction.
SECTION 179 TAX BENEFIT CALCULATOR
Using the calculator (below) will show you how taking advantage of Section 179 can significantly lower the true cost of equipment ownership.
To take advantage of the 2013 tax incentives, your business equipment or software must be put in use by year-end. 2013 limit on capital purchases is $2,000,000.
Section 179 is simple to use. All you need to do is buy (or lease) the equipment, and use IRS Form 4562.
Increase your savings even more by financing your equipment with Leasing Resources and keep your cash working for your business!
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