There Is Still Time To Make The Most Of Section 179!
In late 2015, Congress passed and signed the PATH Act, which had the added bonus of increasing the Section 179 deduction cap to $500,000 for 2016. And as this deduction – which allows you to write off the full cost of technology purchases – is only available to businesses whose total technology purchases for the year are less than $2 million, Section 179 is geared perfectly towards small and mid-sized businesses.
A wide range of items fall under Section 179 eligibility, from laptops, printers, and off-the-shelf software, to office furniture, specialty equipment, and even vehicles. If there is a big purchase you’ve been debating about, now is the ideal time to make it.
However, Section 179 has a very firm December 31st, 2016 deadline, and only items purchased, shipped, and installed at your physical location by midnight on December 31st are eligible for this deduction. Any qualifying items need to be in use at your office in order to count towards the Section 179 deduction for this year.
Don’t let the time constrains push you into making any hasty decisions. Get in touch with your IT provider, and go over your options. They can make recommendations that will meet your needs, help make sure that your purchases will qualify for Section 179, and coordinate with your staff to get your new hardware, software, or equipment up and running before the deadline passes.
Please keep in mind that Slivertip IT is an IT provider. While we can offer you our advice, you should direct any questions about the finer points of Section 179 to your CPA or tax attorney.
Want to find out more about how you can take advantage of Section 179 for your business before time runs out? Contact us at firstname.lastname@example.org or (425) 998-9199. You can also visit the official Section 179 website for more information.
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