Leading MTSP Reminds Business Owners to Reinvest Before December 31st
MIAMI, FL – November 7,2022 – Barlop Business Systems, is LETTING local businesses KNOW ALL about Internal Revenue Code (IRC) 179 and the deductions it affords any organization that wants to reinvest in its business before the end of the calendar year in 2021. Business owners can take advantage of the Section 179 deduction, which allows them to deduct up to $1,050,000 on qualifying business equipment such as technology and computer software, if they purchase or finance this new equipment and put it into service before December 31, 2021. The deduction is good until a company reaches $2.62 million in purchases for the year. Section 179 expensing method is offered as an incentive for small business owners to grow their businesses with the purchase of new equipment.
The federal government’s intention with this program is to stimulate the economy by permitting business owners to accelerate their depreciation rate so that instead of being forced to depreciate their capital expenditures over a 5-year basis, they can depreciate their entire investment at once, which can typically result in major tax savings.
JoseLopezPresidentBarlop Business Systems