We’re getting close to the end of the year, but savvy US taxpayers still have time to order equipment and take advantage of the Section 179 depreciation deduction.
Section 179 allows a taxpayer to elect to deduct the cost of certain types of property on their income taxes as an expense, rather than requiring the cost of the property to be capitalized and depreciated. 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.
The practical upshot of all this is that if you order by 11:59 Friday night, you can get the benefits for your 2010 taxes. You save now with all our Holiday Specials, and you get a break in your taxes in April. You get to save twice!
Of course, that’s an extremely simplified description; we’re Mac experts, not tax experts. For more in-depth information, we highly recommend talking to your tax advisor.
