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Understanding Tax Law 179

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Here’s the big question: “What is tax law 179 and how can it benefit me?” 

Fortunately, this tax law was enacted specifically to help small business owners like you. It helps you to keep more capital all while buying that lovely printer, plotter, or laser that’ll help you grow your business.

Tax law 179 works by allowing you to deduct the full purchase price of qualifying equipment purchased or financed during the current tax year. This is beneficial opposed to spreading the deduction over a number of years.

General Requirements:

Qualified property “must be tangible, depreciable, personal property, which is acquired for the use in the active trade or business." It also must be purchased and put into service in the year that you are claiming the reduction.

Here’s what to do:

1.Purchase the property. We have something for everyone at TyrrellTech, so this part should be easy!

2.When tax time comes, it’s time to sit down with a tax professional. Make sure you have record of all related information such as:

-Date of purchase

-Date of when you started using the equipment

-All costs associated with the equipment (freight, installation, etc.)

Nobody makes it easier than TyrrellTech, and that’s why we include all of this information on your invoice. You’ll have everything you need all in one place. No mess, no stress.

So, what are you waiting for? Reinvest into your business and reap the many benefits. You can start by visiting our website, or scheduling a demo.

Happy Saving!

For more information please visit http://www.section179.org/