Suzi Shopper: Holidays Aside…Don’t Miss Out on Year End Tax Deductions
It’s that time of year – time to prepare for…Tax Season! What? Sure, the holidays are upon us, and with all the hustle and bustle of year end, it would be easy to miss out. But you can take advantage of the savings that Section 179 of the US Tax Code can afford you if you do so before the end of 2014.
If you’re in need of hardware or software in 2015, you might be best served by making those purchases in 2014. Tax deductions could possibly exceed the amount financed in the first year, meaning your deduction could actually end up being a profit. Of course, you’ll want to do your own research with your tax accountant, or check out the Section 179 website before making those purchases.
Or, if you want to investigate further, check out eMazzanti’s article, “Year-end Technology Purchases Can Yield a Hefty Tax Deduction”.
These advantages also apply to Leasing and Financing:
The obvious advantage to leasing or financing equipment and/or software and then taking the Section 179 Deduction is the fact that you can deduct the full amount of the equipment and/or software, without paying the full amount this year. The amount you save in taxes can actually exceed the payments, making this a very bottom-line friendly deduction (you are reading this correctly; in many cases, the deduction will actually be profit).
We wish you many tax savings in 2015!