Upgrade Your Equipment: Take Advantage of Year-End Tax Write-Offs
Take Advantage of Section 179 on Your 2015 Taxes
Do you have capital items to purchase prior to 2015 year-end? Now is a perfect time to purchase any new equipment or software before the end of the year by taking advantage of Section 179 tax deduction.
What is Section 179?
Section 179 is the tax code that permits small and medium-sized businesses to purchase qualifying equipment and software to better the businesses within the 2015 tax year. Businesses can deduct the full amount of the equipment or software purchase or lease from the company’s gross income. The Section 179 limit is $25,000.
Nearly all equipment a company buys qualifies as “business equipment.” The IRS lists the following as potentially eligible purchases:
- Computers, computer equipment and off-the-shelf software: Autodesk Software and Leica Geosystems survey and construction equipment qualifies!
- Equipment, tools or property attached to the building
- Office furniture and equipment
- Equipment used for business more than 50% of the time