To break it down into layman’s terms, if you buy or lease a piece of equipment and put it into service this year, you can deduct its full purchase price on this year’s tax return. You get the entire deduction now, instead of small deductions over the equipment’s life span through depreciation.
This tax benefit is an opportunity that all companies should take advantage of to reduce equipment costs. All businesses that purchase, finance, and/or lease new or used business equipment should qualify for the Section 179 Deduction (assuming they spend less than the limit
). The benefit varies from year to year so act fast before it's too late! Consult your tax professional to learn how Section 179 can save you money on your glass transportation equipment purchases.
For an in-depth explanation of how the Section 179 deduction works, head on over to Section179.org
for more information.