Small business owners are planning to take advantage of the Section 179 tax deduction as the year comes to an end
COSTA MESA, Calif. (PRWEB) December 12, 2017
Balboa Capital, a leading small business loan provider and equipment leasing company, today announced the results of its Section 179 Tax Deduction Survey that was conducted to gauge small business owners’ familiarity and usage of this IRS tax code. The survey results show that 7 out of 10 small business owners plan to use Section 179 to deduct the cost of eligible business equipment that was purchased or leased in 2017. Additionally, the survey reveals that 6 out of 10 small business owners are planning to invest in new or upgraded equipment in early 2018. The survey was sent to a sample of small business owners in a variety of industries nationwide in December 2017.
“We see that a significant amount of small business owners are planning to take advantage of the Section 179 tax deduction as the year comes to an end,” said Carla Freberg, Vendor Services Manager at Balboa Capital. “They are evaluating their unused budgets and moving forward with equipment purchases to meet the Section 179 deadline on December 31. Balboa Capital can definitely help small business owners meet the cutoff date with our simple application process, easy approval requirements, and ability to provide same-day funding of up to $250,000.”
Key Findings of Balboa Capital’s Section 179 Survey:
- 73% of SBOs plan to use Section 179 to deduct the cost of business equipment that was purchased or financed in 2017.
- 79% of SBOs are familiar with the Section 179 first-year bonus depreciation provision.
- 67% of SBOs plan to use the first-year bonus depreciation provision for equipment that was purchased or financed in 2017.
- Business vehicles topped the list of equipment that SBOs purchased in 2017, followed by machinery equipment, business computers, office equipment, heavy equipment, printing equipment, office furniture, and off-the-shelf software.
- 4 in 10 SBOs said they would have bought or financed more equipment in 2017 if they knew the Section 179 tax deduction limit was $500,000.
- 60% of SBOs plan to invest in new or upgraded equipment in early 2018.
- When asked how they will gain a better understanding of Section 179, 63% of SBOs said they will talk to an accountant or tax specialist, and 27% will conduct research online.
Balboa Capital provides a number of online resources to help small business owners gain a better understanding of Section 179. The company’s website features information and updates regarding the tax code, a Section 179 tax calculator, an FAQ section, and a Section 179 infographic that is free to download and share.
About Balboa Capital
Balboa Capital is a technology-driven financing company that provides business owners with fast, hassle-free solutions to fuel their growth and success. The company specializes in small business loans, equipment financing, commercial financing, equipment vendor financing, and franchise financing. Balboa Capital developed an intuitive online platform that simplifies the entire financing process. Calculators provide instant estimates, applications can be completed and submitted in a matter of minutes, and sophisticated credit scoring technology provides instant decisions. To learn more, visit http://www.balboacapital.com.