As the end of the year approaches, many business owners are thinking ahead and looking for ways to make strategic investments. If you’re considering new equipment for your business, now is the time to act! With Section 179 of the IRS tax code, you can take advantage of significant tax savings on qualifying equipment purchased and in use before December 31. At Atlantic Graphic Systems (AGS), we’re here to make sure you have all the information you need to benefit from this unique opportunity.
What is Section 179, and Why Should It Matter to You?
Section 179 allows businesses to deduct the full purchase price of qualifying equipment in the year it was purchased and put into service. Rather than depreciating these assets over several years, you can enjoy the entire deduction upfront. In 2024, you can deduct up to $1,220,000 in equipment purchases, helping you maximize your bottom line now.
For those investing even more, there’s also bonus depreciation available. Businesses purchasing over $3,050,000 in qualifying equipment may still benefit from additional deductions. That’s a significant incentive for growing businesses, especially if you’re looking to acquire several pieces of equipment or larger machinery.
Want to see your potential deductions? Use the Section 179 Calculator!
How Section 179 Can Boost Your Bottom Line
Using Section 179 deductions allows you to reduce your taxable income, meaning that your equipment essentially “pays for itself” in tax savings. Here’s how:
-Immediate Deduction: Your entire purchase amount is deducted this tax year rather than being spread over future years.
– Accelerated Savings: By purchasing now, you’re actively reducing your tax liability in the upcoming filing season, leaving more cash on hand to reinvest in other areas of your business.
– Flexible Financing Options: Our team at AGS will ensure you have all the tools and resources to navigate the process effectively.
Why Act Before Year-End?
Timing is essential with Section 179. To benefit from the deduction for the 2024 tax year, your equipment must be purchased and in service by December 31. That means any end-of-year purchases should be made soon to ensure timely installation and start-up.
At Atlantic Graphic Systems, we’re here to help you make this process seamless. With our extensive range of printing and finishing solutions, we’re confident we can find the perfect equipment to meet your needs.
How to Apply for Section 179 and Save on Equipment Purchases
Taking advantage of Section 179 tax deductions is a straightforward process, and we’re here to guide you through every step. Here’s a quick breakdown to make sure you’re fully set up to benefit from these valuable tax incentives:
1. Not Sure What You Want to Buy? Consult with Your AGS Sales Rep
If you’re considering equipment options but aren’t sure what’s best for your business, start with a consultation. Your AGS sales representative can discuss your specific needs, walk you through our range of high-performance equipment, and help you choose the right fit for your goals. Our team is committed to ensuring that your investment aligns with your business needs and maximizes efficiency and output.
2. Apply Online for Section 179 (Apply Now!)
Once you’ve selected the equipment, it’s time to make it official. Visit the website below or consult with your accountant to apply for Section 179. There are also online resources that make the application process straightforward and accessible. This step ensures you’ve officially documented your intention to take advantage of the Section 179 tax deduction for your purchase.
3. Sign Required Documents
After applying for Section 179, you’ll need to sign any necessary purchase and compliance documents to finalize the process. This documentation is essential to secure your equipment’s qualification under Section 179, so you’re fully prepared to claim your deduction when filing.
4. Get Your Equipment Delivered and Installed by AGS
The final step: have your equipment delivered and installed by our experienced team at Atlantic Graphic Systems. To qualify for the 2024 Section 179 deduction, your new equipment must be fully operational by December 31, so we’ll ensure a smooth delivery and installation process. Our specialists will have you up and running with full confidence in your new capabilities.
Make the Most of Your Investment with AGS
AGS is committed to helping our clients maximize their tax benefits and invest in equipment that drives success. With the right equipment, not only can you boost productivity, but you can also enjoy immediate tax savings—a true win-win for your business.
Ready to take advantage of Section 179? Contact us today to discuss your options, and let’s ensure your equipment is ready to go by year-end. Let Atlantic Graphic Systems help you prepare for a successful and tax-saving new year!
Contact us: 410-290-8200 / info@agspress.com
