We know the last thing you want to do is think about taxes! But now is the time to consider what large purchases you may have to make that would benefit you if done by the end of the year.
With 2019 coming to a close, we want to bring your attention to Section 179. Haven’t heard the details? In short, Section 179 will allow businesses to deduct the full purchase price of qualifying agricultural and industrial processing equipment purchased or financed during the 2019 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. Think of it as a “loophole”. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. It is considered most beneficial to small businesses now, more than ever before. Section 179 can help with much needed tax relief while also giving your small business permission to take care of larger purchases that will serve in the growth of your company.
See the included image for an example as to how Section 179 works. Then call your West Coast Companies sales rep to find out how Section 179 can benefit you and the growth of your business!