Thanks to a recently updated tax deduction titled “Section 179 Election”, the Federal Government now allows you to buy up to $1,000,000 in computers, software, or networking hardware and thereby REDUCING your taxable income on your current year’s tax return.
How does it work?
Effective January 2, 2018, H.R. 1 (aka the Tax Cuts and Jobs Act) had a substantial (and welcome) impact on Section 179. The biggest impact is that it increased Section 179’s deduction from $500,000 to $1,000,000. This could mean a substantial boost to your bottom line this year. But to get the deduction for tax year 2021, you have to act now, as once the clock strikes midnight on 12/31/2021, Section 179 can’t help your 2021 profits anymore.
How do I get started?
We would love to help you take advantage of Section 179 for the 2021 tax year. Give us a call at 817-835-8714 or email us at [email protected] to schedule a meeting and learn how you can make the most of Section 179 today!