Did you know you can save money by taking advantage of increased tax deductions on capital equipment you purchase in 2010? It’s true. Increased tax deductions on the purchase and/or lease of new equipment, such as copiers, printers, computer hardware and software, and office furniture, are available through the end of December for all businesses.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment bought or leased during the tax year from your gross income. The purchase of new copiers, printers and document management software to meet your business needs all qualify for the increased tax deductions. The idea is to stimulate businesses to make large equipment purchases this year and thereby benefit the overall economy.
But you need to hurry! A business must purchase or lease and put into service any eligible equipment before December 31, 2010. The http://www.section179.org/ web site provides a convenient tax calculator that enables you to see how much you can save in 2010. As with any major business decision, you should consult your tax professional for complete details.
