If you have been looking to purchase a Tormach machine for your business, now is the time! Section 179 is a tax deduction that can be taken on new and used equipment, but you need to purchase before the year is out.
If your Tormach machine tools are used more than 50% of the time for business purposes, you can write that off.
According to Section179.org, “This spending cap makes Section 179 a true “small business tax incentive” (because larger businesses that spend more than $2.5 million on equipment won’t get the deduction.).”
“Now, while it’s true that this is better than no write-off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it.
In fact, if a business could write off the entire amount, they might add more equipment this year instead of waiting over the next few years. That’s the whole purpose behind Section 179 – to motivate the American economy (and your business) to move in a positive direction. For most small businesses, the entire cost can be written-off on the 2017 tax return (up to $500,000).”
Learn more about how you can save on your taxes with a 2017 Tormach purchase by visiting Section179.org.
All information regarding taxes and deductions is for illustrative purposes only, and accuracy is not guaranteed. Please seek advisement from a tax professional to see if you qualify for this or any other tax deduction.