Small Businesses Receive Permanent Tax Break on Equipment Purchases

The massive tax and spending bill passed by Congress earlier this month also included a provision that includes a large tax break for small businesses that, until now, has been temporary. With the now-permanent tax break, small businesses can write off up to $500,000 a year worth of equipment that includes computers, machinery, and vehicles.

The deduction, known as the Section 179 deduction, allows small businesses to immediately write off qualifying capital items on a business’s taxes, instead of being depreciated over time, thereby lowering a business’s taxable profits, reported the New York Times.

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