Section 179 Deadline for 2021: What You Need to Know
Take Advantage of Tax Incentives When Possible!
According to The Official Website of Section 179, to be eligible for a 2021 Section 179 deduction, the qualifying equipment must be acquired and put into service by midnight 12/31/2021.
REMEMBER: It is not enough to merely purchase the equipment, it must have been put into use; keep supply chain problems in mind when buying or utilizing Section 179 Qualified Financing.
Make sure that you're getting the best benefits and incentives that apply to your business. Here's the official info that may come in handy: https://www.section179.org
Here are some additional fundamental concepts that will assist you keep in the forestry mulching and land clearing industry for longer:
- Make sure you have a solid method for tracking these costs, whether it's through a physical book or an electronic spreadsheet.
- Always have your accountant go over your records and give you with a tax summary or advice.
- Never make snap judgments when it comes to significant purchases.