2017 IRS Section 179 Tax Deductions
Before the end of the year, make sure you take full advantage of the 2017 IRS Section 179 tax deductions on new and used business equipment purchases. To qualify for the deduction, the equipment must be financed or purchased by the end of the day on December 31, 2017. See below for more information on Section 179 and how we can help.
What is Section 179?
Section 179 of the IRS tax code “allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year.” The intent of Section 179 is to provide tax relief to small businesses by purchasing equipment as investments toward future success. Instead of writing off equipment for multiple years, Section 179 allows businesses to write off the entire equipment purchase price for the year it was bought.
The deduction limit for Section 179 in 2017 is $500,000 with a $2,000,000 threshold for the total amount of equipment purchased. In addition, 50% bonus depreciation has been extended through 2019. This means that purchasers can deduct an additional 50% of the amount over $500,000 in addition to the standard deduction. Bonus depreciation applies to new equipment purchased and put into service during 2017. Bonus depreciation does not apply to used equipment, but used equipment is still eligible to qualify for the standard Section 179 deductions.
The Section 179 tax deductions are a great way for your business to save money on equipment. We have a huge number of business equipment storage and efficiency solutions that qualify for Section 179 deductions, including:
- Vertical Lifts and Carousels
- Compact Pallet Racks
- High Density Mobile Storage Shelving
- Electric Automated Filing Cabinets
- Record Box Storage Shelves
- Modular Metal Casework
- Rotary File Cabinets
Additionally, you can also shop online at our store for sliding shelving, mailroom sorters, casework cabinets, lockers, office furniture, wire shelves, and much more.
Contact Us About 2017 IRS Section 179 Tax Deductions
Southwest Solutions Group® provides storage equipment and efficiency systems to all types of businesses and facilities across the USA. We will also provide you with a free consultation to determine your exact needs and specifications so we can help you take full advantage of Section 179. For more information or to speak with a specialist, call us at 1-800-803-1083 or send us a message today.
