Ryonet | #PoweringThePrint
Have you heard about Section 179? If so, are you aware of what it means to you and how if can help your business? If not, let’s get you up to speed…
Under this section, you can expense 100% of the cost of equipment acquired in 2013 up to $500,000. This is your last chance to take advantage, next year the limit is decreased by 95% to only $25,000! What does that mean for you?
Breaking it down:
Let’s say you purchase a Brother DTG that costs roughly $30,000. If your business makes $60,000 in 2013 you can write off $30,000 of that amount lowering your taxable income to $10,000. If you are taxed a 28% tax bracket, your taxes in 2013 would go from $11,200 to $2,800 basically saving you $8400.
Watch this delightful video to learn more:
All kidding aside, Section 179 is a great benefit to anyone looking to start a business or upgrade equipment before the end of the year. Below is an illustration of possible savings you could take advantage of.
$50,000 worth of equipment:
Most popular purchases in 2012 for Section 179: