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Financing Process
SECTION 179
Section 179 is a powerful tax-saving tool that every business should consider. It allows you to deduct the full purchase price of qualifying equipment, like machinery, office furniture, and even certain building components, directly from your taxable income. This can significantly reduce your tax liability and free up cash flow for other needs. For 2024, you can deduct the full cost of equipment purchases up to $4,270,000. However, the deduction starts to phase out once your total spending exceeds $3,050,000, so it’s important to plan accordingly.
Imagine the potential savings for your business! For example, if you purchase a $250,000 piece of equipment, you could deduct the entire amount from your taxes, lowering your taxable income and keeping more money in your business. But Section 179 isn’t just about heavy machinery—office equipment, software, and other assets can qualify too.
Before making any major purchases or committing to a large deduction, be sure to consult with a tax professional. Every business’s tax situation is unique, and the right advice can ensure you’re maximizing your benefits while staying compliant. In the end, Section 179 isn’t just a line on your tax return—it’s a strategic tool to help you grow your business at a lower cost.
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