As a small business owner or crafter, you work hard to grow your business while keeping costs low and profits high. If you’ve been thinking about upgrading your equipment or stocking up on supplies, there’s no better time to invest than right now—and it’s all thanks to Section 179 of the U.S. tax code. But what is Section 179, and how can it benefit your business? Let’s break it down.
What Is Section 179?
Section 179 is a tax deduction that allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year. Instead of spreading out the deduction over several years through depreciation, Section 179 lets you take the full deduction upfront. This means big savings for your business, especially if you’ve had a profitable year and want to reduce your taxable income.
How Does It Work?
If you buy equipment, such as a heat press, vinyl cutter, or DTF printer, before the end of the year and put it to use in your business, you can deduct the cost of that equipment on your 2024 taxes. Here are a few key points to know:
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Deduction Limit: For 2024, the maximum amount you can deduct is $1,160,000 (subject to spending caps and income limits).
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Eligible Purchases: New and used equipment, as well as some software, qualify for Section 179. That includes items like heat presses, sublimation printers, and even accessories.
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Deadline: The equipment must be purchased and put into use by December 31, 2024 to qualify for this year’s tax deduction.
Examples of How Section 179 Can Help
You purchase a DTF printer/oven bundle for $7,771. Thanks to Section 179, you can:
- Deduct the full $7,771 from your taxable income.
- Assuming you’re in a 35% tax bracket, you save $2,719.85 in taxes.
- This lowers your true cost of the equipment to just $5,051.15!
Why Act Now?
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Time is running out: To take advantage of this deduction, your equipment must be purchased and operational by December 31, 2024.
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Best Price Guarantee: We do our best every day to ensure that our prices are the best you can find anywhere. Found a lower price? We'll price match it. Check out our Best Price Guarantee policy.
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Invest in growth: New equipment can help you increase efficiency, expand your product offerings, and scale your business in 2025.
What Qualifies for Section 179 at Heat Press Nation?
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Heat Press Transfer Machines
Learn More About Section 179
For more detailed information about Section 179 and how it can benefit your business, visit Section179.org. While you’re there, use their Section 179 Tax Deduction Calculator to estimate your potential savings and see just how much you can save by investing in your business today.
Disclaimer: This information is for educational purposes only and should not be considered tax advice. Please consult your own tax professional to address specific questions or circumstances.
