As a business owner or supervisor, you've spent plenty of time trying to find ways to help the company maximize its resources and be more efficient with costs. As we come up to tax season, you may be looking for ways to lessen your tax burden and put more cash back into the business. For many, Section 179 of the IRS tax code is a way to do both.
Although Section 179 has been around for quite a few years and has undergone changes during that time, that main gist of Section 179 stays the same: It allows qualifying businesses to deduct the full purchase price of new and used equipment for the year it was purchased, rather than using the standard depreciation method. This change to the tax code was intended to help businesses invest more heavily into purchasing and leasing equipment and other qualifying items to improve the business.