With only a few days left in 2016, it’s time to start strategizing for growing your business in 2017 and identify if there are any critical decisions that are better made before Dec. 31.
For example, in the U.S., equipment purchases a business makes before the end of the tax year can become a significant deduction when they file their taxes.
Section 179 of the federal tax code allows businesses to deduct 100 percent of any qualified equipment purchases in the tax year in which it was purchased, rather than collecting a deduction for depreciation over the next five years.
In other words, if a business bought a new printer or other equipment before the end of the year, they could deduct the entire amount on their 2016 taxes, which would then reduce the amount of taxable income.
Article Origin: Printwear