According to the Section 179 website, as of the time I am writing this, you have 41 days, 12 hours, 21 minutes and 49…42…38 seconds before the section 179 deadline. It really is a great thing to check into if you need any equipment for your restaurant. Section 179 allows you very large write-offs and can save you tons of money.
Section 179 is one of the few incentives included in the stimulus bill that helps small businesses.
What is it? Section 179 is an incentive created by the US government to encourage businesses to purchase equipment and invest in themselves. Also called a Rapid Depreciation Write-off, this section of the IRS tax code allows businesses to deduct the full purchase price of equipment purchased or financed during the tax year, rather than writing off a little at a time through depreciation. For example, normally if you spend $50,000.00 on a piece of equipment you could write it off $10,000.00 a year for five years. However, with section 179 you can write-off the entire purchase amount of the equipment from your gross income the year it is purchased.
Who qualifies? All businesses that purchase, finance or lease less than $2,000,000 in new or used business equipment during the tax year 2013 should qualify for the deduction. Of course, even if your business qualifies for the deduction you must ensure that your equipment qualifies as well. Most tangible goods will qualify; check out the list of qualifying equipment here.
For further details and to learn how to (easily) take the Section 179 deduction, check out the Section 179 Questions Answered.