The end of the year means filing your tax returns is just around the corner.
We are excited to share the great news that office furniture purchases, financing/leasing is tax deductible under Section 179.
It is a use-it or lose-it write-off so you need to act now!
Acceptable Equipment List:
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Equipment (machines, etc.) purchased for business use
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Tangible personal property used in business
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Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (see Section 179 Vehicle Deductions)
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Computers
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Computer “Off-the-Shelf” Software
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Office Furniture
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Office Equipment
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Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)
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Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes)
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Certain improvements to existing non-residential buildings: fire suppression, alarms and security systems, HVAC, and roofing