September 21, 2022
If you’re a small to medium sized business owner, chances are you know a thing or two about saving money for your business. You might even be aware of Section 179 and how it’s beneficial for your business. But do you know how Section 179 has changed for 2021? Let’s take a quick look at how you can invest in new printing solutions for your business, while also saving money before the end of the year.
Section 179 of the United States IRS tax code was designed as an incentive for businesses to invest in themselves by purchasing or leasing qualified new or used business equipment or software. Qualifying businesses can deduct 100% of the purchase price from their gross income during tax year 2021.
2021 brought a major change to Section 179 in that businesses are able to deduct 100% of the purchase price of their business equipment from their gross annual income.
To paint a clearer picture on, here is an example of the savings a business purchasing or leasing a Formlabs Fuse 1 and Sift might expect:
WHO QUALIFIES FOR SECTION 179 TAX SAVINGS?
Any business that spends less than $2.5M on qualified expenses is eligible for this deduction.
WHAT PURCHASES QUALIFY FOR SECTION 179 TAX SAVINGS?
As described by our partners at Commercial Capital, “most tangible business equipment, both new and used, qualifies” for the gross income deduction under Section 179. The equipment must be purchased or leased, as well as put into service (i.e. starting to be used) by December 31, 2021.
SOURCE GRAPHICS IS HERE TO HELP
Our helpful team of sales representatives are ready to help you take advantage while there’s still time left in the year. To find out more, give us a call at (800)791-9042 or email us at email@example.com.