Section 179 Tax Deduction
Once again the tax season is upon us and Accu-cut is happy to offer some relief when it comes to buying a new or used carpet cutting machine. Section 179 of the IRS Tax Code provides some real relief to small businesses purchasing carpet cutting machines. This code was created to encourage small businesses to buy the equipment they need to thrive and be successful.
In the past you would purchase your equipment and it would take several years to deduct your asset’s full value. The problem with that is that everything depreciates over time including your equipment and property. So sometimes before you have the ability to write off the full amount of your equipment as a tax deduction you may want to upgrade to a new machine with the latest technology.
With the section 179 tax deduction the government let you get the entire depreciation deduction in a single year, it’s known as first-year expensing. This is a promising change that will help your business grow at the speed that you need it to grow. It’s a relief to know that our customers can benefit from the deduction all at once and in the year that their machinery was purchased. All new and used equipment is eligible for a 100% tax deduction.
Some are leasing or financing their equipment, this is not a problem as it’s still possible for you to still qualify for the section 179 deduction. For companies who have an unprofitable year or years have an option to use a 50% bonus depreciation to carry to the remaining deduction in to the next year. The future just got brighter for small business, leaving a lot of exciting things to look forward to.
Accu-cut wants our customers to have all the facts when purchasing one of our world famous carpet cutting machines. We are happy to give you all information that will help you expand and flourish. We think of our customers like family and love educating and offering advice to see that your year is lucrative. We hope to inspire you to plan your year with success in mind. Please check out our website and see what models are available, we offer new and used machines to fit every budget. Our friendly and knowledgeable staff is here for you.