Would it make a difference to your business to be able to write off the entire cost of your equipment purchase? IRS Section 179 might be just what you need.
What Is Section 179?
Section 179 encourages small businesses to invest their profits in equipment purchases to grow the economy. It is a tax write-off which accelerates asset depreciation on new equipment, reducing business’ taxable income for the year of the purchase.
New Updates to the Law
The Tax Cuts and Jobs Act was signed on December 22, 2017, and it changed some of the laws governing Section 179. Previously the deduction cap for new equipment was $500,000, but this has doubled to $1 million for vehicles placed into service in 2018.
The update also expands opportunities for deductions related to “improvements to property,” phone systems, IT and cabling infrastructure qualify under these opportunities.
Big Water Technologies is ready to assist you with your equipment purchases and infrastructure upgrades.