Packaging equipment can be an expensive investment, but under Section 179, you can get tax savings for your business by investing in it. Along with the fact that most packaging equipment offers a positive ROI in a year, this is a huge incentive for those considering new packaging equipment to act now.
Tax codes can often be complicated, but this one is pretty straightforward. To break it down, this section allows businesses to deduct purchase prices of equipment during the tax year. If you purchase or finance equipment this year, you can deduct the full purchase price from your gross income. Section 179 encourages businesses to invest in their growth with larger purchases such as packaging equipment.
Whether you are buying equipment for the first time or upgrading to new equipment, you can ease the purchase cost burden with tax write-off incentives this year. (Not sure if you should buy new or repair your current packaging equipment? Take our Repair or Replace Equipment Assessment.)
For more information, visit section179.org. You should also check with your finance team or accountant to discover more ways to take full advantage of this deduction on your purchases before December 31st.
Our equipment specialists are ready to help you find the best packaging equipment to help you bring more productivity and efficiency to your operations. Contact us for assistance.