Don't forget about the 2017 tax incentive!!
To take advantage of the deduction for new and used equipment, all equipment must be financed/purchased and put into service between January 1, 2017 and the end of day on December 31, 2017.
What is this deduction?
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year.
How does it work?
Instead of writing off your purchases a little at a time through depreciation, you are able to write off the full amount for the year you purchased the equipment.
Are there limits?
There are caps to the total amount written off ($510,000 for 2017), and limited to the total amount purchased ($2,030,000 in 2017). The deduction begins to phase out dollar-for-dollar after $2,000,000 is spent by a given business.
Do I qualify?
All businesses that purchase and/or finance less than $2,000,000 in new or used business equipment during tax year 2017 should qualify for the Section 179 Deduction.
Click Here for More Info on Section 179