Advanced Sound & Communication provides audio, video, lighting, security, and financial solutions to pay for them and save capital. Section 179 of the IRS Tax Code is an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. An equipment lease is the best way to get what you need while saving capital.
Section 179 allows a business to deduct the total purchase price of financed or leased equipment and off-the-shelf software that qualifies for the deduction. The deduction limit is $1,080,000 for new and used equipment, with a spending cap on equipment purchases of $2,700,000 and a bonus depreciation of 100%. There are additional bonus depreciation allowances of up to 100% for qualifying equipment.
The equipment purchased, financed, or leased must be within the specified dollar limits of Section 179, and the equipment must be placed into service in the same tax year that the deduction is being taken. The equipment must be put into service between January 1st and December 31st of the year the deduction is to be taken. The IRS does not plan to waive the “put into service” requirement because of supply and demand issues. Therefore, projects should be ordered as soon as possible to ensure delivery in 2023.
We have great news for you if you are considering more than an audio, video, lighting, or security upgrade. Section 179 includes all types of business equipment, off-the-shelf software, and commercial vehicles. Our leasing partners will provide one lease for all. There are requirements, so contact us for details.
Leasing provides the daily usage of the equipment you need today with affordable monthly payments and tax deduction benefits. You can keep your capital in your business. You own the equipment without the financial hit on the front side.
Contact us for more information:
Brent Handy, CTS: 816-564-7281. brent@advancedsoundkc.com