Section 179, A Way To Reduce Your Tax Liability
Section 179 is a federal income tax provision that allows small businesses to deduct the full 100% value of their capital asset purchases in the year of acquisition. The great thing about a lease purchase is you qualify for the full deduction, even if you haven't paid the full value of the asset yet!
The Section 179 deduction is available for both new and used equipment and can allow you to write off the full value of acquired asset(s) even if you used leasing or financing to make the acquisition.
Modular Solutions, Ltd has been working with companies like LEASE SMART to find great lease and lease purchase programs for new and used modular buildings.
The 2016 limit for your Section 179 deduction is $500,000, and it's important to have the equipment delivered and working before the end of the tax year, to qualify for the 2016 exemption. Check with your income tax adviser and ask whether Section 179 is right for you.
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