Time is almost up to purchase equipment that you can deduct from your 2016 taxes under Section 179!
The Section 179 deduction allows for small businesses to deduct any qualified business-related equipment purchases made between January 1 and December 31, 2016.
This means that you can deduct the full purchase price of sanders, buffers, edgers, nailers, riding sanders, vacuums, auto scrubbers––any machines that you put into use for your business this year.
This equipment that helps you efficiently run and grow your business while saving you time and money. Investing in equipment now can really help you accelerate your business’s growth moving into the new year.
Besides the competitive advantages that this equipment can bring to your business, one of the best things about the deduction itself is that you can finance your purchase while taking advantage of the tax deduction on the full purchase price. This can really help out with your cash flow.
Here are some of the Section 179 rules for 2016:
Deduction limit: $500,000
Spending cap on equipment purchases: $2,000,000
Qualifying equipment must be financed/purchased and put into use by end of day 12/31/16
Click here to read more about Section 179 on the official IRS website.
This deduction isn’t just limited to hardwood floor equipment. It can also be applied to vehicles purchased exclusively for business use.
You just can’t go wrong with making a big investment in your business before the year ends. Click here to browse our hardwood flooring equipment.
Please note that this post is intended to offer ideas and opportunities, not specific tax advice. Please consult with your tax professional(s) concerning your specific situation.