There are many reasons that this is the most wonderful time of the year. Of course, the holiday cheer is infectious, but for manufacturers, it can mean finding unspent money in the yearly budget. In addition to this possibility, the deadline is fast approaching to make any purchases that can be used for tax deductions. Section 179 is a shop owner’s best friend in a year when buying new machines or software on a limited budget.
What is Section 179?
Section 179 is part of the tax code that allows businesses to write off the purchase price for things like equipment or software that is used for their business, up to $1,000,000. Section 179 has been in place for several years, and will be available again for the 2018 tax year. This website has the most up to date information about Section 179, and it’s easy to read. As always, for the best information for your business, you should consult your tax professional.
What Does it Mean?
If your shop has been considering buying ERP software, this is a great time to act. As with anything worth investing in, ERP software can be pricey, but with Section 179, it can be far more feasible for shops of any size to purchase ERP software and see the returns on their investment start rolling in.
Interested in seeing what ERP software can do for your shop? Click Below.