Upgrading your business technology can be costly, but in order to keep up with your competitors and stay ahead in the marketplace, it's a necessity. This year, you're going to get more bang for your purchasing buck, so if you've been putting off investing in new equipment, maybe it's time to rethink that strategy! Duncan-Parnell is here to help, from geospatial equipment to wide-format printers to 3D printers and software solutions.
New changes to the Section 179 business deduction allow you to significantly lower the cost to your business of any qualifying technology by allowing you to write off the full amount paid for equipment purchased and placed in use prior to December 31.
Highlights of the Section 179 deduction for 2018:
Good on new and used (but new-to-you) equipment, as well as off-the-shelf software.
Must be financed or purchased and put into service between January 1, 2018 through end of the day on December 31, 2018.
Deduction limit raised to $1,000,000 - up from $500,000 last year! (if your total cost of qualifying equipment purchased in $2,500,000 or less)
100% Bonus Depreciation is also available for 2018, giving you two options to receive a full first-year write off for equipment purchased by year end - Section 179 or 100% Bonus Depreciation. Used equipment now also qualifies for bonus depreciation!
As with all tax related matters, you should consult with your tax professional for complete details and eligibility requirements.
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