Use Section 179 to Decrease Taxes in the Short-term
Normally, when filing taxes, you depreciate the cost of an asset annually, during the useful life of that asset. Section 179, a tax deduction in the IRS tax code, allows you to write off the entire purchase price upfront, in the first year, for qualifying assets. For most businesses, this is preferable to straight-line depreciation because it means a considerably
lower tax bill during the year in which the purchase is made.. As always, if you’re unsure or need assistance, consult an accountant.