Who wants to think about upcoming holiday fun when you can think about taxes?
You should, because while you’re in the spending spirit, why not use the incentive of Section 179 to enhance your practice. For the 2014 tax year, Section 179 has been restored to its original limits of $25,000 plus an adjustment for inflation, according to section179.org.
Their website offers four ways to help this tax deduction work for you:
- Section 179 is a tax code created to help businesses. By allowing businesses to deduct the full amount of the purchase price of equipment (up to certain limits), Section 179 is an incentive for businesses to purchase, finance or lease equipment this year.
- Section 179 is valid on most types of equipment. There is little sense in allowing a deduction on only obscure equipment, so Section 179 is aimed at general business equipment as well as off-the-shelf software. If you use it in your business, it probably qualifies. See a list of qualifying Section 179 equipment.
- Section 179 can greatly help your bottom line. By deducting the full cost, you lower the amount you pay for equipment and/or software substantially. And these benefits can be further expanded if you choose to lease or finance your equipment & software.
- Section 179 is simple to use. All you need to do is buy (or lease) the equipment, and use a special IRS form. That’s it. Details here.