Section 179’s tax deductions increased for manufacturing companies this year. That means you can get that new machine you’ve been dreaming of without breaking the bank.
With over 100 stock machines to choose from, you’ll be ready to kick off 2017 with a brand new machine that you love.
You can deduct the first $500,000 of equipment (Section 179 Property) purchased in 2016 from your taxable income. If you are purchasing up to $2,000,000 of equipment, you can get this deduction in full. Pretty easy, right?
50% BONUS DEPRECIATION:
In addition to the $500,000 write-off, you can take 50% bonus depreciation on the adjusted basis of your qualified equipment purchased in 2016. Equipment must be purchased and placed into service on or before December 31, 2016.
In addition to the $500,000 write-off, you may be eligible to deduct federal depreciation on the adjusted basis of your qualified equipment, state depreciation, local tax incentives and interest expenses.
Visit www.section179.org for complete details. Always consult your accountant to confirm eligibility for exact tax benefits/savings.