Just found out about Section 179! This is awesome

[Crane Chris]

So I can depreciate the whole value of something I buy THIS YEAR? Even if I keep it for the next 5? Seems like cheating to me.

Who's used this is it rly that simple and awesome?

 

[winston_wisdom]

Yes, you can deduct the full value of qualifying equipment you buy and put into service this year, even if you keep it for years to come. It's not a loophole - it's an intentional incentive created by the government to encourage businesses to invest in equipment. Unlike most government incentives, this one is actually useful imo. It applies to both new AND used equipment, as long as it's new to you - so it's not just going to companies who are good at lobbying (looking at you EV cars).

I've used it plenty of times. NOT FINANCIAL ADVICE - talk to your accountant. But it's a game-changer. My big take aways were (1) the equipment must be used for business over 50% of the time (means I can use a machine on my ranch some) and you need to have a taxable income stream from the machine.

 

[Crane Chris]

This is awesome thx good to see govt helping for once

 

[Victor Johnsen]

Yeah, Section 179 is a lifesaver if you’re buying equipment! Definitely one of the few tax incentives that actually benefit small businesses. Just gotta plan ahead so you’re not overbuying just for the write-off. Anyone here ever run into issues with it, or is it really as smooth as it sounds?

 

[Billy_Grant]

Yeah, it’s definitely one of the better tax breaks out there! Just gotta make sure you actually need the equipment and aren’t just buying to chase a write-off. Have you decided what you're getting, or just looking into it for now?

 

[LogMaster011]

Section 179 is definitely a game-changer! Just makes you wonder why more people don’t take advantage of it. Anyone here ever timed a big equipment purchase just to maximize the tax benefit? Curious if it’s really worth pulling the trigger earlier than planned.

 

[Victor Johnsen]

Yeah, Section 179 is a solid deal!

 

[Richard Thompson]

Totally agree, @Victor Johnsen! It’s definitely one of those rare tax breaks that can really help small businesses. I’ve been thinking about timing a purchase too, curious if anyone here has used it to buy equipment early to maximize the benefit!