If you have been thinking about buying new or used equipment for your company, institution or recycling facility, but have been putting it off, now may be the time to act in order to get a great tax deduction. The Section 179 tax code got a nice boost in 2013, but will likely not be as generous in 2014.
According to Section179.org, Section 179 is an IRS tax code that can be used on new and used equipment. It allows you to deduct your purchase or lease price (100% first year write-off) of the qualifying equipment financed during that tax year. Although it can be used by large businesses as well, the original intention of including the Section 179 in the recent Stimulus Bills was to be a tax relief and incentive for small businesses.
Act Now to Take Advantage of Section 179
Section 179 allows you to write off up to $500,000 in equipment purchases for equipment put into service up until midnight 12/31/2013. The history of the Section 179 code shows that it has drastically varied from year to year. Here is why you have to ACT NOW – In 2014, the Section 179 limit is scheduled to drop to $25,000.
So, if you are considering an upgrade to your recycling or waste management equipment in the near future, you may want to think seriously about doing it in 2013. Take advantage of the generous $500,000 write off in the Section 179 code for 2013 before the opportunity is lost. Investing in new equipment now will help make a difference to your company’s efficiency and profitability in 2014 and beyond.
Harmony Enterprises does not offer tax advice. We encourage you to talk to your accountant or tax attorney for more information on how the Section 179 code specifically addresses your company.
If you are interested buying recycling equipment for your business before 2013 comes to an end, please contact Harmony Enterprises soon at (507) 886-6666 and we will expedite the process.
