There's still time for you to fulfill your holiday wish list of new equipment (and put it in use) to qualify for this deduction. Plus, if you're a PPA member, PPA Affinity Partner United Funding can help you get such equipment with very little out-of-pocket cash, thanks to their leases and loans. PPA members even get a 2% rebate of the cost of equipment with United Funding! (And since United Funding doesn't report to the credit bureaus, your credit scores or ratios will not be adversely affected.)
Here is an example* of the money that you can save by taking advantage of Section 179:
- Equipment cost: $10,000.00
- Approximate Monthly payment (48 Months): $300.00
- Tax Savings (assuming 25% marginal tax rate): $2,500.00
*Keep in mind that this example is only intended to explain the tax benefits under this provision. It is advised to consult with your tax professional to determine the accuracy of the calculations and whether or not your purchases would qualify.