If you want the Section 179 deduction for 2017, you have until midnight, 12/31/2017 to buy and have the equipment in service. Because once the New Year’s ball drops, that’s it – Section 179 for 2017 is over.
Let me reiterate something I’ve been saying all year – the Section 179 tax deduction is so good, that you’d be almost silly not to take advantage of it. It’s a full $500,000, and your total equipment purchases can total $2 million before the tax deduction starts to phase out. This makes it a true small business tax break – most small companies simply aren’t going to exceed that $2 million dollar cap, so it’s very likely that everything you buy equipment-wise you will be able to deduct in full. That’s pretty sweet.
Better still, if you finance the equipment, you’ll take the deduction for 2017, and not make a single payment until 2018 – this can have a profound effect on your year-end financials, and also get you needed equipment right now. For many companies, 2017 was a solid year, and using this tax deduction plus equipment financing can make it even better.
Beyond that, I do hope your December is going great. A lot of companies are really busy now, even if they don’t sell consumer-related products. Plus, a company like mine has a busy December for the exact reason I stated above – companies say “we need to spend $xx on equipment to take a deduction, so let’s get to it”. So I’ll be here until that Midnight bell rings on 12/31.
Have a great holiday, everyone, and I’ll see you in 2018!