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U.S. Tax Deduction | Section 179
Important Update for the 2013 Tax Year: Write-off 100% of your business software needs
"You may be eligible to deduct 100% of the cost of xTuple software from your U.S. taxes this year. Section 179 of the IRS Code indicates that under certain conditions 'off- the- shelf computer software' is deductible up to $ 500,000 in the year you place the software in service. Please check with your tax accountant to determine if you qualify".
-- Tom Matthews, xTuple Authorized Consultant
Tom has an extensive background in accounting and ERP solutions. Email Tom or call him at +1-303-818-5367.
What is Section 179?
Section 179 limits for tax year 2013 were increased by the 'American Taxpayer Relief Act' which allows businesses to write-off up to $500,000 of qualified capital expenditures subject to a dollar-for-dollar phase-out once these expenditures exceed $2,000,000 – including purchased or leased Software.
This means a substantial boost to your bottom line this year. But, to get the deduction for tax year 2013, you have to act now. To take advantage of this deduction, your Section 179 Qualified Financing and software or equipment must be in service on or before December 31, 2013.
Here are some important links for more information:
- Yes, your Software qualifies for Section 179!!
- Section 179 Calculator
- What is Section 179?
- What qualifies for the Section 179 Deduction?
- Any difference between Section 179 & Bonus Depreciation?
- Can I lease my Software and still qualify for Section 179?
- How do I take the Section 179 Deduction?
Take advantage of legal tax incentives to help lower your operating costs. Section 179 can no longer increase your 2013 profits once the clock strikes midnight on December 31, 2013.
Act now! Questions? Contact the xTuple Sales Team for help with your 2013 Tax Break.