The IRS’ Section 179 tax deduction allows business owners to deduct the value of qualifying equipment and property bought or financed, and put into use in their operations throughout the year. In 2013, the amount that was allowed for a deduction was drastically reduced to just $25,000, but as of December 22, 2014, the U.S. Senate has approved a new extension of it as part of a larger tax extension bill that will restore it to a greater amount: $500,000 worth of qualifying equipment or property purchased or financed in 2014.
There are many types of equipment and property that qualify for the Section 179 tax deduction, with industrial vacuum cleaners being among them. The change in legislature allows for a great opportunity for vacuum manufacturers to bring these highly efficient and long-lasting machines to consumers with their safety and financial benefit in mind before the year comes to a close.
It should be noted that all purchases of new industrial vacuum equipment must be made before the end of the 2014 calendar year. For orders not guaranteed to be delivered in time to meet the December 31, 2014 deadline, be sure that your order is at least invoiced or that any leases are pushed through so that the purchase qualifies for the Section 179 deduction.
For further information about Section 179 and its qualifying equipment and property, please see the links below: