There is still time!! 2016 Tax Incentives

Just a few weeks left of this year! It’s not too late to take advantage of the Section 179 tax deduction. This deduction is good on new and used equipment financed/purchased and put into service by midnight 12/31/2016.

What is the Section 179 Deduction?

Basically, Section 179 is an incentive created by the U.S. Government for small businesses to invest in themselves, although large businesses can benefit as well. It allows businesses to deduct the full purchase price, of qualifying equipment, from your gross income. The total amount available for write off is $500,000 on a spending cap of $2,000,000 in equipment purchases made in 2016.

Here is an example of how Section 179 works:

To find out all the ins and outs of Section 179 and the answers to all your questions, visit the official website at www.section179.org. An example from said website is the answers to the three most common questions:

Answers to the Three Most Common Section 179 Questions

How Much Can I Save on My Taxes in 2016?
It depends on the amount of qualifying equipment and software that you purchase and put into use. See the handy Section 179 Calculator that's fully updated for 2016, and includes any/all increases from any newly enacted PATH Act.

What Sort of Equipment Qualifies in 2016?

Most tangible business equipment qualifies. Click here for qualifying property.

When Do I Have to Do This By?

Section 179 for 2016 expires midnight, 12/31/2016. If you wish to deduct the full price of your equipment from your 2016 taxes and take advantage of the new higher deduction limits, it must be purchased and put into service by then.

Many businesses are finding Section 179 Qualified Financing to be an attractive option in 2016, especially since the year-end increases don't leave much time for action. Please apply today.

The Section 179 Deduction can be applied to purchases on any capital equipment like the Service Truck Bodies from Fleetwest. To see the complete Fleetwest Line visit our website at www.Fleetwest.net and get a quote today.