Time is running out to save on your taxes using the 179 deduction for 2010. Your telephone equipment purchase must be made by 12/31/2010 to qualify. Why pay taxes when you can get new equipment instead?
Most business owners know about the 179 tax deduction but did you know leased equipment can also qualify? Both $1 and 10% buyout lease qualify for the 179 deduction. The tax savings may even be enough to make your first years payments!
Not sure about just what the 179 deduction is? Essentially, 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. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income. It’s an incentive created by the U.S. Government to encourage businesses to buy equipment and invest in themselves.
Questions? Let us help you!