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Did you buy any hardware this year? You may be eligible for a tax break. Section 179 of the tax code allows businesses to take a current year deduction on qualifying equipment purchases. This list includes computers, software (off the shelf) and office equipment. It gets better: The recent economic stimulus package upped the dollar limits for this deduction. The cap is now $800,000—meaning businesses that purchase or finance less than $800,000 in business equipment qualify for the Section 179 deduction. One of the best features of this deduction is that you do not have to make the full payment of the equipment in order to qualify. So if cash flow is an issue, you can opt for an equipment lease and still get the tax break. Also, the amount of this deduction is not based on the number of days this equipment has been in service. Questions? Put a call in to your tax advisor. You could save a lot of money!
Expert Data Labs, LLC & Computer Consultant Team, LLC 724-847-6335 email: sjp@teamedl.com |
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