Tomorrow’s the filing day for taxes, in case you somehow missed that. If you did, I suggest a dramatic slow motion run to the post office, perhaps followed by an explosion of some kind. It always works in action movies!
But something you should keep in the back of your mind for your business is the Section 179. If you’ve leased or purchased any equipment in the past year, it would behoove—yes, behoove—you to look for a Section 179 deduction. Consider this a final friendly reminder before tax day.
So how will you be behoovified, because that’s totally a word? Let’s go over the ways.
The Advantages Of Section 179
- It still can save you a lot of money. Being able to write off up to $139,000 in equipment is significant unless you’re some sort of multi-billionaire small business owner, in which case you don’t exist. That’s down from previous years, but it’s still a lot.
- It’s going through the basement and will keep going next year. If you think $139,000 is a steep drop, wait until 2013, when it plummets to $25,000. It hasn’t been that low since 2002, and that’s basically less than one-fifth of this year. If you’re going to go for equipment, make this the year.
- Many different equipment types are eligible. There’s computers and software, business vehicles, office furniture, and machinery, among others. Chances are if you have an equipment need, you can apply for the deduction.
- It’s not a difficult deduction to figure out. If you have any issues at all, you can turn to our ebook and calculator to fill in the knowledge gaps.
So just to recap, you can get new equipment and get an enormous tax break for this year only, and then you’ll get a much, much smaller tax break. If that doesn’t scream “do this now,” I don’t know what does.
Are you looking for a Section 179 deduction in 2012?
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