I have three questions for you:

 

1) Do you own a business?

 

2) Are you going to make money this year?

 

3) Are you going to need a vehicle for your company any time soon?

 

If you answered YES to all three questions, you should look at taking the plunge before the end of the year so you can get your purchase into the 2016 tax year! There is good reason to do so, IRS Section 179.

 

IRS Section 179 provides you will all sorts of incentives. Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It's an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.

 

Here is a link for the details:

 

http://www.section179.org/section_179_deduction.html

 

Let's put it this way. If you are looking to put a vehicle into service any time within the next year, it's worth your while to check this deduction out!

 

See your accountant then come see us! One of our non-commissioned salespeople will be happy to serve you.

 

 

 

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1 comment - "Buy a truck (or car) then deduct!"

John C. commented on Nov 16, 2016 at 08:30 am

Definitely check with your accountant. There are different limits on your deduction depending on the type of vehicle and the gross weight. Some are very generous, and some not so much.

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