Section 179 allows companies to deduct the full purchase price of qualifying equipment or software that was financed or purchased during the tax year. This means that if you bought or leased qualifying equipment in 2019, you are able to deduct the full purchase price from your gross income. In addition, you may also qualify for bonus depreciation. Section 179 was created to provide tax relief for small businesses, although larger businesses can also benefit from this tax code.
Put simply, Section 179 allows you to take a full tax deduction when you lease, buy, or finance qualifying equipment or software. All qualifying equipment must be purchased and in use by midnight of December 31st, 2019. If you would like to learn more about Section 179 or if you’re ready to take advantage of this tax incentive, there is still time. Contact KLC Financial today and we would be happy to discuss your options and answer any questions you may have. Disclaimer: KLC Financial, Inc. and its owners are not tax advisors, and this page is not intended to offer tax advice. Please consult with a qualified professional concerning your specific situation.