President Obama recently signed a tax measure that allows businesses to receive substantial tax benefits for investing in equipment during 2014. The Tax Extenders Act (H.R. 5771: Tax Increase Prevention Act of 2014) expires on December 31, 2014 but is retroactive from January 1, 2014 and increases the amount businesses can write off on the acquisition of qualifying new or used equipment, technology and software during 2014 from $25,000 to $500,000. The benefits of the section 179D tax deduction apply to purchases that are paid for in cash or financed.
Although the end of the year is just days away, this tax incentive can have a major impact on the tax bills of businesses across the U.S. For example, a company with corporate profits of $100,000 during 2014 can reduce their tax bill to zero by buying or leasing $100,000 in equipment, such as certified LED lighting, essentially negating what would otherwise be a $35,000 tax bill if in the 35% tax bracket.
It’s not too late to take advantage of the 179D tax incentive by purchasing or leasing LED lighting from uSaveLED. Of course, we are always available to help you determine the best LED lighting products for your company, helping you save money on energy and maintenance costs and offering attractive financing options. However, it’s important to contact us before the end of the year (12/31/14) to ensure that you can take advantage of the extended tax benefits recently signed by President Obama. We’ll help you select the most appropriate lighting equipment to fit your needs and our preferred finance companies can even provide financing approval within two hours of application so you can meet the tax incentive deadline.
For more information about the tax benefits offered by Tax Bulletin 179D, visit http://www.section179.org.
To speak with one of our experienced LED lighting specialists about how you can take advantage of this tax incentive before the end of the year, call us at (855) 672-7020.