Are you thinking about purchasing or leasing equipment for your business in the current tax year? If so, make sure you checkout our Section 179 tax deduction calculator to see how much you could save.
Why you should care about Section 179
Section 179 of the IRS tax code is a tax deduction incentive created by the U.S. government to encourage businesses to buy equipment that help them grow. As a beauty business owner, this is a great opportunity to introduce beauty-tech into your business, whilst minimising costs by deducting the full purchase price from your gross income.
Who qualifies for Section 179?
To qualify for Section 179 you need to be a registered business that purchase or lease new or used equipment up to a value of $2,700,000. The type of equipment covers most tangible technology (device or software), and to a lesser degree business-use vehicals.
How to use our 2022 Section 179 Tax Deduction calculator
All you need to do is enter the cost of the equipment you are thinking of buying (or leasing), then select the relevant tax bracket and click “Show My Savings”. You will then see how much you will save and how this changes the true cost of the equipment purchased.