Maximize Tax Savings with Section 179 Deductions
Section 179 Deductions benefits with leasing
Small businesses can benefit greatly from Section 179 of the IRS tax code, which allows you to deduct the full purchase price of qualifying equipment or software purchased or financed during the tax year. For 2024, this deduction applies to both new and used equipment, up to $1,220,000, with a spending cap of $3,050,000. This includes improvements to nonresidential property like HVAC systems, roofs, fire protection, alarms, and security systems.
Key Benefits of Section 179
- Immediate Tax Savings: Deduct the full purchase price, reducing taxable income.
- Wide Range of Equipment: Applies to new and used equipment and property improvements.
- Supports Small Businesses: Designed to benefit those spending less than $3 million annually on equipment.
Bonus Depreciation
In addition to Section 179, you may qualify for bonus depreciation, which allows for further tax savings by depreciating the full cost of eligible equipment in the first year it is put into service.
How to Qualify
To take advantage of the Section 179 deduction for the 2024 tax year, ensure that your qualifying equipment is installed and put into service by December 31, 2024. This deduction is available for a wide range of equipment types, from machinery and vehicles to office furniture and software.
Why Partner with North American Banking Company
At North American Banking Company, we understand the financial challenges small businesses face when investing in new equipment. Our tailored financing solutions are designed to help you maximize your tax savings through Section 179 while ensuring you have the resources you need to grow and thrive.
Contact us today to learn more about how we can assist you in leveraging Section 179 and bonus depreciation to benefit your business. Our team of experts is here to guide you through the financing process, providing personalized service at your convenience.
For more information about Section 179 and how it can benefit your business, visit Section 179.org.
