To show you your expected tax savings, you can check this link to a Section Calculator. Section always expires at midnight, December 31st. To enable you to leverage an affordable payment option, you can also use a Lease Finance option. To find out more, click here. If you do not feel comfortable completing the form yourself, your tax preparer can easily take care of form for you.
Section of the IRS Tax Code allows a business to deduct, for the current tax year, the full purchase price of equipment and off-the-shelf software that qualifies for the deduction.
Examples per the official Section website include:. The amount varies by year. Once the equipment purchased passes that number, the deduction reduces on a dollar for dollar basis. And this strategy may actually prove to be more financially beneficial; the deduction you take may actually exceed the total loan or lease payments you will make. While the tax year has already passed, it's not too late to implement this deduction for the fiscal year.
Our Implementation Specialists are second to none in having your business up and running in a short amount of time. They will work with you every step of the way! Get Manufacturing information straight to your inbox. Get notified when we post a new blog article. If you are a current customer with a support question, please email techsupport shoptech. There is Still Time This Year As the last couple months of are approaching, now is a great time to purchase your manufacturing or job shop software.
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