With the end of the year fast approaching, so is the deadline to take advantage of Section 179. Section 179 of the IRS Tax Code allows a business to deduct the full purchase price of financed or leased equipment. In many cases the amount of this deduction may be more than the cost of the year’s payment on the equipment, making it possible to profit off your equipment lease.

If you’re looking to save big on your taxes by adding new equipment to your business, you’ll have to act fast. Section 179 only applies to equipment purchased and put into use in 2013.

To better understand how leasing equipment can benefit you under Section 179 take a look at our step-by-step example.