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Has Your Company Looked into Tax Incentives this Year?

News & Blog

Sec 179 increased deduction limit to $1,000,000 in 2018

The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), was enacted on December 18, 2015. The IRS tax code, in part, allows businesses to deduct full purchase price of qualifying equipment or software purchased during the tax year. In 2018 a new law increased the maximum deduction from $500,000 to $1,000,000 so that the taxpayer may elect to expense the cost of any section 179 property and deduct it in the year the property is placed in service.

Invest in your equipment before the year ends. Calculate your possible tax deduction here.

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This is a friendly reminder that this government incentive is available for businesses. Please consult your tax professional on eligibility and other qualification requirements.

Sources:

Section 179 Deduction


https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act