December is upon us! And what comes after December? Tax Season. THIS tax season, you can take a Section 179 deduction of up to $1 million dollars.<\/span><\/p>\n You might wonder.. What is Section 179? Believe it or not, it\u2019s not complicated.<\/span><\/p>\n <\/p>\n Essentially, Section 179 of the IRS tax code allows the tax deduction of any full purchased price of <\/span>new or used <\/span><\/i>qualified equipment and software that has been financed or purchased during the 2018 tax year. This also means you receive a tax break right away versus little by little over the duration of several years. Because of the most recent tax laws of 2018, Section 179 has a great impact on small businesses, as it provides a way for the US Government to support and encourage investment in small businesses. \u00a0The Section 179 deduction increased the amount a company can expense in a given year to $1,000,000. <\/span><\/p>\n Another thing to consider is Section 179\u2019s depreciation bonus. <\/span>\u00a0<\/span>It is temporarily available to take 100% off qualified property. \u00a0This property needs to have been attained after September 27, 2017 and before January 1, 2019. \u00a0In addition, a new feature of the tax code update allows property to be new or used.<\/span><\/p>\n It is important to note that there are several Section 179 limitations. \u00a0If a purchase exceeds $2,5000,000, there will be a dollar-for-dollar phase out. This means that every dollar If one exceeds $3,500,000, the deduction goes away entirely. \u00a0Any purchases qualified under Section 179 must be depreciable, or a specific type of asset, listed under the Modified Accelerated Cost Recovery System with a recovery period of 20 years or less.<\/span><\/p>\n You don\u2019t want to miss out on what Section 179 has to offer. \u00a0Take advantage of this tax code change and invest in your capital equipment before we say goodbye to 2018! Browse our inventory of used trucks<\/a> and find the perfect truck to add to your fleet.<\/span><\/p>\n For more information on Section 179, visit one of the resources listed below:<\/span><\/p>\n Can Section 179 Benefit You and Your Business? December is upon us! And what comes after December? Tax Season. THIS tax season, you can take a Section 179 deduction of up to $1 million dollars. You might wonder.. What is Section 179? Believe it or not, it\u2019s not complicated.<\/p>\n","protected":false},"author":1,"featured_media":1369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,4],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\n