The end of the year is approaching fast. As a business owner, here’s a few questions that may save you money this year:
- Did you pay tax last year?
- Are you profitable this year?
- Would you like to reduce your payable tax for 2016?
If you answered yes to any of the above, an equipment purchase in December may be a good fit for you.
Section 179 allows business owners to write off up to $500,000 for non-tax capital equipment leases. If you have not hit that mark, adding a piece of equipment and being able to write off this year is worth checking into. For example, a $20,000 purchase saves $6,000-$8,000 in payable tax in 2016. For more information about Section 179, click here.
American Capital Group provides programs to assist those business owners looking to utilize Section 179. Have a piece of equipment in mind? Click here to get a customized financing option.