What does “Section 179” mean for your business?

In case your CPA or accounting department hasn’t already mentioned it, there is a VERY important tax deduction you should know about this year.  It’s Internal Revenue Code Section 179, and it allows your business to deduct the cost of up to $500,000 in new equipment for your business – even if you have purchased it using a qualified leasing program. 

This deduction was designed to help small and medium sized businesses get the resources they need in a tough economy.  There are terms and conditions of course – nothing from the IRS is ever simple! – but the bottom line is that this tax deduction could mean a lot for your company’s bottom line.  The biggest catch:  You have to make the purchase before 12-31-11.   

So if your company has already made a qualifying purchase and you had not heard of Section 179 – Merry Christmas!  This is our gift to you!

But if you are currently considering a communications solution change or upgrade to your equipment or software, it is in your best interest to make a decision soon while Section 179 can save you hundreds, if not thousands of dollars!