Section 179 Information for 2015

Many practices don’t think about using the section 179 allowance until it’s too late. This time of year is extremely busy for equipment vendors.

Your business may be able to get even more value from the tax benefits if you finance your purchase with Group Financial Services. Financing the purchase with a Group Financial Services equipment loan allows you to make a low payment towards ownership of the equipment, while your CPA can take the full benefits associated with ownership, Section 179, etc. A great way to maximize your tax benefit.

Hurry, time is running out to take advantage of these end of year discounts and special financing! Talk to your accountant and visit www.section179.org for more details.

About The Section 179 Tax Deduction

As of midnight, Jan 1, 2015 the Section 179 limit has been reduced to $25,000 and no bonus depreciation is available for the 2015 tax year. If prior years are any indication, the expanded Section 179 limits could be restored by Congress during 2015 which would then potentially bring the limits up to $500,000 as seen in the 2014 tax season.

As we wait to see if congress raises the limits as they have in previous years (only 3 days before the December 31st deadline in 2014) Section 179 can still help you with 2015 equipment purchases. Use this updated Section 179 Calculator for 2015 to see how much the tax deduction can already save your company, also consult your Tax Advisor more more information.

How Much Can I Save on My Taxes in 2015?

It depends on the amount of qualifying equipment and software that you purchase and put into use. See the handy Section 179 Calculator that’s fully updated for 2015, and includes any/all increases from any newly enacted Tax Extenders Act.

What Sort of Equipment Qualifies in 2015?

Most tangible business equipment qualifies. Click here for qualifying property.

When Do I Have to Do This By?

Section 179 for 2015 expires midnight, 12/31/2015. If you wish to deduct the full price of your equipment from your 2015 taxes and take advantage of the new higher deduction limits, it must be purchased and put into service by then.

Many businesses are finding Section 179 Qualified Financing to be an attractive option in 2015, especially since the year-end increases don’t leave much time for action. Please apply today.

Section 179 (In a Nutshell)

Section 179 is very simple. You buy, finance or lease qualifying equipment and/or software, and then take a full tax deduction on it this year (also, there are a few other things, which we’ll go over, but in a nutshell, that’s the idea). To give you an estimate of how much money you can save, here’s a Section 179 Deduction Calculator to make computing Section 179 deductions simple.

If you use the calculator, take note of the savings on your tax obligation. Many people find that, if they lease or finance their Section 179 qualified equipment, the tax savings actually exceed the first year’s payments on the equipment (making buying equipment profitable for the current tax year). This is perfectly legal, and a good example of the incentive that Section 179 provides small and medium businesses.

Vision systems Inc. always suggest you speak with your Tax Advisor prior to utilizing the Section 179 Tax Deduction for 2015.