Be sure to consider equipment purchases by year end for Section 179 tax deductions.
We are not tax experts at Idle Smart but we do know a potentially good thing when we see it - Section 179 tax deductions. The deduction limit has been raised to $1,000,000 for 2020 and unlike the recent Tax Reform Bill, Section 179 is simple and straightforward.
Section 179 allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. Said another way, if you buy or lease a piece of qualifying equipment, you can deduct the entire purchase price from your gross income. It's designed as an incentive for businesses to benefit from investing in their own growth.
Most business equipment and software purchases qualify, including Idle Smart. Feel free to call us at 913-744-4353 to learn more about how your business can benefit from Section 179 or simply check with an accounting professional or visit www.section179.org.
Best wishes for a happy and healthy holiday season from the entire Idle Smart team!