Section 179 Business Buying Tax Deductions

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Looking into Section 179 Business buying tax deductions?

Are you a business owner wondering how the Section 179 tax deduction can benefit your bottom line? At Burke Equipment Company in Delaware, we understand the importance of maximizing your tax benefits, and Section 179 can be a valuable tool in achieving that goal.

 Let’s look at some frequently asked questions regarding Section 179 deductions!

What is Section 179?

Section 179 is a tax code that allows businesses to deduct the total purchase price of qualifying equipment and software from their gross income. This deduction is particularly relevant for small and medium-sized businesses, as it provides a significant incentive to invest in new or used equipment for their operations.

How Does Section 179 Work?

The Section 179 deduction allows businesses to write off the entire cost of eligible equipment in the year it is purchased. The equipment must be purchased and put into use within the tax year to qualify for the deduction.

What Equipment Qualifies for Section 179?

Section 179 covers a wide range of business equipment, including machinery, vehicles, office furniture, and software. Our partnership with Kubota, for instance, offers a variety of qualifying equipment, such as tractors, construction machinery, and agricultural equipment, which can significantly impact your business's tax situation!

Why Should I Consider Section 179?

Section 179 offers several advantages for businesses! It provides a substantial tax incentive to invest in equipment, which can improve efficiency, productivity, and competitiveness. By taking advantage of Section 179, you can reduce your overall tax liability while upgrading or expanding your business operations. This means more resources for your company's growth and development!

How Do I Apply for Section 179?

To claim the Section 179 deduction, you'll need to complete IRS Form 4562. It's essential to consult with a tax professional to ensure you're eligible for the deduction and to understand how it impacts your specific tax situation.

If you have any questions regarding Section 179 Business buying tax deductions, our team at Burke Equipment Company can help! You can call us, fill out our Contact Form below, or visit our Locations Page to find directions to a location closest to you. We look forward to serving you at our Delmar, Felton, or Newark, DE locations!

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