Please Note: The information in this article does not constitute tax or legal advice. Be sure to consult with your tax advisor or accountant regarding your individual circumstances, or visit www.irs.gov for additional information.
You may have heard about Section 179, but did you know that it’s one of the smartest business moves you can make if you’re considering purchasing a direct-to-garment printer?
What is the Section 179 tax deduction? Section 179 of the IRS tax code allows a business to deduct the full purchase price of equipment from its gross income. This saves you money by reducing the amount that you have to pay in taxes.
- The Section 179 Depreciation Deduction empowers you to expense 100% of the cost of a Ricoh DTG printer — but only if you purchase the machine and put it into service this year.
- Your printer must be purchased and installed by midnight on December 31, 2020.
- 2020 Deduction Limit = $1,040,000. You can use it on new and used equipment, as well as off-the shelf software.
- 2020 Spending Cap on equipment purchases = $2,590,000. This is the maximum amount you can spend on equipment before the Section 179 Deduction begins to be reduced on a dollar-for-dollar basis.
- You can deduct the full amount of the equipment without paying for the full amount of the equipment this year. Ideal if you also take advantage of our financing packages!
There’s still time to take advantage of Section 179! Give our team a call at 1-877-381-9546 to learn more — and get the lowest price of the year on the award-winning RICOH Ri 1000 as part of our limited-time Holiday Bundle!