When you’re running a small business, you need to stay abreast of every possible money-saving strategy. That’s why, this year, you should look into the Section 179 Deduction small business tax incentive.
Section 179 of the IRS tax code allows a business to write off an entire purchase price of qualifying equipment and software purchased or financed during the tax year. Section 179 has the potential to save small businesses thousands of dollars. Just make sure that the equipment is bought and put into service by the end of the year, December 31, 2020. Other categories fall within the Section 179 tax code, like technology, new and used equipment, machinery, commercial vehicles, and capital improvements. Learn more at Section179.org. As always, consult with your accounting professional before making any decisions.
