Make the Most of Your Investment with Section 179 Tax Deductions
Learn how you can benefit from Section 179 and TimeClock Plus SaaS Solutions that qualify for the deductions.
What Is the Section 179 Deduction?
Section 179 is an IRS tax code that allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed before December 31, 2019. This means if you purchase a qualifying piece of time clock hardware or SaaS software, you can deduct the full purchase price of TimeClock Plus from your gross income. It’s an incentive created by the U.S. government to encourage businesses to invest in themselves
- Software as a Solution (SaaS) qualifies for the section 179 deduction
- Deduct the full purchase price of financed SaaS
- Gain tax relief for your organization
- Possible bonus depreciation available
- Section 179 deadline is December 31, 2019
How Does TimeClock Plus Qualify?
One of the most popular uses for the IRS Section 179 deduction is for business software. For the software purchase to qualify, it must meet the following criteria to be considered “off-the-shelf.” For eligibility, the software must meet all these specifications, which TimeClock Plus does.
- The software must be purchased or financed with specific qualifying lease or loan
- The software must be used in your business for income-producing activity
- The software must have a determinable useful life
- The software must be readily available for purchase by the general public
- The software must be subject to a non-exclusive license
- The software must not have been substantially modified
To ensure the purchase is qualified, please speak with your accountant.
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