In years past, when your business bought qualifying equipment, it typically wrote it off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example).
Now, while it’s true that this is better than no write-off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it.
And that’s exactly what Section 179 does – it allows your business to write off the entire purchase price of qualifying equipment for the current tax year.
This has made a big difference for many companies (and the economy in general.) Businesses have used Section 179 to purchase needed equipment right now, instead of waiting. For most small businesses, the entire cost of qualifying equipment can be written-off on the 2019 tax return (up to $1,000,000).
Who Qualifies for Section 179?
All businesses that purchase, finance, and/or lease new or used business equipment during tax year 2019 should qualify for the Section 179 Deduction (assuming they spend less than $2,500,000).
For basic guidelines on what property is covered under the Section 179 tax code, please refer to this list of qualifying equipment. Also, to qualify for the Section 179 Deduction, the equipment and/or software purchased or financed must be placed into service between January 1, 2019 and December 31, 2019.
Section 179 Increases to $1,000,000 for 2018 and Beyond!
Are you considering whether or not to purchase or lease equipment in the current tax year? This Section 179 Deduction Calculator for 2019 may very well help in your decision, as Section 179 will save your company a lot of money (the deduction is at a robust $1,000,000, and will stay there for the entirety of 2018).
The team at Port Orchard Ford is ready to show you around our new inventory to ensure you find the ideal vehicle for your company. Feel free to discuss Section 179 with one of our dedicated car guides.
Enjoy The Perks Of The Section 179 Tax Code Today!
Based on model year EPA mileage ratings. Use for comparison purposes only. Your actual mileage will vary depending on how you drive and maintain your vehicle.
New vehicle pricing includes all offers and incentives for purchases only. Tax, Title and Tags not included in vehicle prices shown and must be paid by the purchaser. See dealer for lease incentives. While great effort is made to ensure the accuracy of the information on this site, errors do occur so please verify information with a customer service rep. This is easily done by calling us at (360) 876-4485 or by visiting us at the dealership.
All vehicles negotiated and purchased through our online express store on portorchardford.com require the terms of the deal to be in writing prior to delivery of the vehicle. A negotiable dealer documentary service fee of up to $150 may be added to the sale price or capitalized cost. All financing is subject to credit approval. Prices exclude tax, title, license, and other fees. Although every reasonable effort is made to ensure the accuracy of this data, please confirm information through Port Orchard Ford. All vehicles are one of each unless noted.
* The advertised price does not include sales tax, vehicle registration fees, finance charges, and any other fees required by law. A Negotiable Documentary Service Fee in an amount up to $150.00 may be added to the sale price or capitalized cost. We attempt to update this inventory on a regular basis. However, there can be lag time between the sale of a vehicle and the update of the inventory. There is a $395 disposition fee for leases.
**Lock-In-E-Price valid for 48 hours. See dealer for details.