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Section 179 of the IRS Code was enacted to help small businesses by allowing them to take a depreciation deduction for certain assets (capital expenditures) in the SAME YEAR they are purchased. No having to wait to depreciate them over a longer period of time.
There is a clear benefit to taking the full deduction for the cost of the item immediately, rather than being required to spread out the deduction over the item’s useful life. If your business is successful
Information provided by Red Thread Financial – to apply online for equipment financing by Red Thread
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Talk to your trusted tax professional to determine the benefits of section 179 may have for your business. Each business is a unique and your specific tax benefits may vary.