If your US business is planning to invest in new commercial laundry equipment before the end of the year, Section 179 of the IRS tax code may provide an opportunity to lower your 2017 tax bill.
How does Section 179 work?
Instead of depreciating an asset over a multi-year period, under Section 179 of the IRS tax code, US businesses have the opportunity to deduct the full purchase price of laundry equipment and other qualifying business equipment purchased or financed during the tax year up to $510,000!
For 2017 Deductions, Equipment must be installed before January 1st.
In order to qualify for a Section 179 deduction, equipment must be purchased or financed and in place by midnight on December 31, 2017. So if you plan to avail of this deduction for 2017, now is the time to consult with your CPA or tax professional to find out if Section 179 could help your business save.
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