Loading... Please wait...

Big Tax Write-Offs on your Equipment & Tools! Section 179 for 2017

Section 179 for 2017 Tax Year Remains At $510,000

Section 179 is still affected by the "Protecting Americans from Tax Hikes Act of 2015" (PATH Act) that was signed into law on 12/18/2015. This bill expanded the Section 179 deduction limit to $500,000, where it will remain for all of 2017. For those interested, you may read the summary from the Ways and Means committee here.

Section 179 Deduction: Until further notice, Section 179 will be permanent at the $500,000 level. Businesses exceeding a total of $2 million of purchases in qualifying equipment have the Section 179 deduction phase-out dollar-for-dollar and completely eliminated above $2.5 million. Additionally, the Section 179 cap will be indexed to inflation in $10,000 increments in future years. That means for taxable years beginning in 2017, the aggregate cost of any 179 property cannot exceed $510,000 and is reduced dollar-for-dollar if the cost of 179 property exceeds $2,030,000 (see RP 2016-55).

50% Bonus Depreciation will be extended through 2019. Businesses of all sizes will be able to depreciate 50 percent of the cost of equipment acquired and put in service during 2015, 2016 and 2017. Then bonus depreciation will phase down to 40 percent in 2018 and 30 percent in 2019.

IMPORTANT THIS YEAR: Section 179 for Current 2017 Tax Year
Section 179 can provide you with significant tax relief for this 2017 tax year, but equipment and software must be financed and in place by midnight December 31, 2017. Use this 2017 Section 179 Calculator to see how much the Section 179 tax deduction can save your company.

What qualifies:
Section 179 was designed with businesses in mind. That's why almost all types of "business equipment" that your company buys or finances qualifies for the Section 179 deduction. See qualifying equipment here.

All businesses need equipment on an ongoing basis, be it machinery, computers, software, office furniture, vehicles, or other tangible goods. It's very likely that your business will purchase many of these goods during the year, and will do so again and again. Section 179 is designed to make purchasing that equipment during this calendar year financially attractive.

Always consult your tax professional.

End of Year Flyer Make your big purchases soon! Click here for more info.

Tax Deduction Info on www.Section179.Org!

http://www.section179.org/index.html

https://www.irs.gov/publications/p946/ch02.html


Join us for exclusive deals and new releases!

  • Farrell News
  • Recent Updates

    View Cart Go To Checkout