You Could Save Hundreds of Thousands of Dollars on Technology This Tax Year, But Only if You Act Now

You can read more about the benefits of the Section 179 tax deductions here, but essentially this allows businesses like yours to deduct the full purchase price of qualifying equipment or software that was either purchased or financed during the tax year. Not a partial price or the amount of tax you’d pay, but the entire full purchase price. That’s quite a chunk you can deduct from your gross income, and it doesn’t matter whether you paid in cash or you financed the sale.

Moreover, the total amount that a business can write off for 2014 has been increased from $25,000 to a whopping $500,000! That’s retroactive back to the beginning of this year, January 1, 2014.

BUT (and of course, there’s always a but): this enhancement will expire on December 31, 2014. It has only been approved for this year, so you only have the next two weeks to act.

Luckily, Section 179 has been designed to be easy to use. So long as you’ve bought or financed any eligible equipment between Jan 1st and Dec 31st, 2014, you just have to fill out a form from the IRS to claim the amount. You can read more about the process here.

Here’s an example of how this tax deduction works: