29 Nov 2016

Section 179 Deductions – Contractors Get A Big Advantage


How Buying Your Equipment Now Can Help Expand Your Business in 2017

What if you could buy or lease your equipment to maximize business AND also increase your bottom line? The Section 179 deduction can help you achieve just that. The Section 179 deduction for 2016 permits businesses to deduct the FULL amount of your equipment purchase price, not to exceed $500,000. To qualify for this deduction, the equipment must be purchased no later than December 31, 2016.

Quick Facts:

  • Section 179 is intended for general business equipment. If you plan to use the equipment you are leasing, financing, or buying for business purposes in 2017, then it most likely qualifies for a Section 179 deduction.
  • Section 179 deductions are easy to handle. Simply buy, lease, or finance your equipment and then fill out IRS form 4562.
  • Section 179 is a “Use- It-Or-Lose-It” write-off that ends on December 31, 2016. It makes sense to utilize the tax savings while you still can.
  • Section179.org offers a calculator which can help you estimate your savings on qualifying equipment.
  • The equipment you write-off for the Section 179 deduction must be bought in the tax year in which you are claiming the deduction.

Benefits of Buying Now:

  • Expand your services in 2017 to offer coatings, decorative concrete, and polished concrete by investing in the right equipment to do the job.
  • CPS Grinders, Burnishers, Autoscrubbers, and Vacs, including electric or propane models, qualify for the Section 179 deduction.
  • CPS is offering incentives and special deals during the end of the year, so you can increase your savings even further on equipment. Call us for details!

Taking advantage of the Section 179 deduction is a direct way to invest in the future of your business while reducing costs. Benefit by seizing the opportunity to expand your contracting business with CPS grinding and polishing equipment. Through December 31st, customers who purchase qualifying equipment through CPS distributors, such as ProCrete Resources, will receive a $250 Amazon Gift Card AND a $250 credit towards CPS tooling.

For additional details on the Section 179 deduction, contact your tax advisor.

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