Tax Incentives For Your Writer And Software Investment
Business Investment Tax Deduction – Section 179 Tax Benefits
If you have been thinking about buying a Luminex II, Catalyst, or other new or used business equipment or software, make sure you consider the Section 179 tax benefits available to you. Section 179 could yield significant tax help, effectively reducing the cost of the equipment or software!
What is Section 179?
It’s actually quite simple.Section 179 of the IRS federal tax code provides an incentive for small and medium businesses to invest in themselves. In a nutshell, if you buy, finance, or lease qualifying equipment and/or software – including Stenograph writers such as the Luminex II, Pre-owned Luminex, and Stenograph software such as Catalyst and CaseViewNet – you can immediately take a full tax deduction in the year of the purchase.
How much money will I save?
Section179.org has provided a Tax Deduction Calculator that will help you estimate how much you can potentially save on the purchase of Stenograph writers and software.
In the example below, if you financed the $9,000 purchase of a qualifying writer and software right now, you could deduct the full purchase price for your 2023 federal taxes and receive a tax benefit of $3,150. This effectively decreases your total cost to $5,850. Depending on your tax bracket and your financing arrangements, Section 179 could potentially save you more in taxes than you would pay in total financing payments the first year!
Section 179 Tax Deduction Example
- Cost of Qualifying Writer and Software: $9,000
- Total First Year Section 179 Tax Deduction: $9,000
- Tax Savings (assuming a 35% tax bracket): $3,150
- Lowered Cost of Writer and Software After Tax Savings: $5,850
Is there a deadline to receive the benefit for this year?
In order to qualify for this year's tax deduction, all equipment and software must be purchased and delivered by December 31.
ACT NOW to get the best writer and software on the market and take advantage of the Section 179 tax benefits! Financing is available for qualified buyers.
Tax laws are subject to change, and their application is highly dependent on particular facts and circumstances of an individual or business. The information on this page is offered as general guidance and is not intended – and does not constitute – specific legal, tax, or accounting advice. Always check with your accountant or tax advisor to verify tax or accounting issues and tax benefits.