The New Year is drawing closer, but there is still time for U.S. taxpayers to take advantage of the Section 179 depreciation deduction before 2019 comes to a close.
To put it simply, Section 179 allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy or lease qualifying equipment, you can deduct the full purchase price from your gross income. Taking this deduction isn’t mandatory, but if you don’t take it for the year the equipment is purchased, you don’t get another chance.
You cannot take a Section 179 deduction that is larger than your taxable income, but if your order is financed, in place and in service by 11:59 p.m. Tuesday, Dec. 31, you can get the benefits in time for your 2019 taxes. Pair that with what you can save with our Holiday Specials, and you can make an already great deal even better!
Perhaps it’s a new, used, or refurbished Mac – you can grab an iMac Pro and save over 30%! Or maybe you’ve been holding off on that iMac 5k, MacBook Pro, or Mac mini you’ve been eyeing all year. These savings just might be a great way to launch yourself and your productivity onward and upward into 2020!
Of course, this is just a friendly reminder. The Rocket Yard is not a financial adviser. The information provided here is not a substitute for independent professional advice. Please see your individual tax or financial adviser for professional advice relevant to your particular circumstances. And for more information, please visit www.section179.org.
Note: Other World Computing @ MacSales.com does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.