Dec
11
Get Your Business Software Free!
Okay, in a round about way, get your business software free… It’s called “Section 179″ or sometimes referred to as “SUV Tax Loophole.” Have you heard about it? This IRS tax code allows businesses to deduct the full purchase price of qualifying equipment, including software, purchased or financed during the tax year. Basically, rather than deducting the item through depreciation over a period of time, you are now able to deduct the full purchase price, all at once, as an expense. But, take advantage of this opportunity now! Section 179 was made possible by the Economic Stimulus Act of 2008 and has been extended through December 31, 2009 by the American Recovery Reinvestment Act of 2009. That’s less than three weeks to make qualifying purchases people!
What causes this stir? Well, the purpose behind Section 179 is economic stimulation (hence, the name of the 2008 Act). If a business can write off entire purchases, perhaps that business sees more reasons to buy more equipment. In our down economy, it only seems logical.
Section 179 caps it off at $250,000 this year (as opposed to $800,000 in 2008). After the $250,000 deduction limit, Section179.org points out that businesses can still take advantage of “a bonus depreciation of 50% on the amount that exceeds the limit. And then also take normal depreciation on the rest.”
A full list of qualifying items can be found in Publication 946 at the IRS page. Rambling off some highlights, a few of those items include:
- computer software (just to reiterate)
- machinery
- office equipment
- livestock
- storage facilities
- refrigerators
- printing presses
- signs
Head over to SoftwareMedia.com and take advantage of the Section 179 deduction before it’s too late. We still have our holiday hookup going on too!
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