Section 179 Deduction of the IRS Tax Code is an immediate expense deduction that business owners can take for purchases of depreciable business equipment.
Continuing to invest in new technology equipment to maximize efficiency is a valuable endeavor for organizations looking for a competitive edge. It's even better when you can maximize tax deductions as well.
Section 179 and Bonus Depreciation are two components of the 2017 TCJA (Tax Cuts and Jobs Act) that present potential tax savings for your organization if you're in the market for copiers, printers, or other related technology hardware or software. To maximize the current incentive, qualifying equipment must be financed or purchased before January 1, 2024. Also of note: Beginning Jan. 1 of this year, bonus depreciation has begun to phase out over the next four years.