Check your budgets and mention this to your Finance people: You have just a few months left to take advantage of some high-limit tax deductions.
We’re talking about the so-called Section 179 expense limits. In fact, if you’re thinking about putting off some purchases until next year, you may want to reconsider and push up your plans: Certain deductions will be greater if taken before Dec. 31.
Examples of purchases you can claim:
- equipment and machinery purchased for business use
- tangible personal property used for business
- office furniture
- off-the-shelf (not customized) software
What you can’t take as a 179 deduction:
- a/c and heating equipment
- business property used outside the U.S.
To get more on Section 179 deductions, go here.
Or you can put potential purchases through this online calculator to see what your savings will be.