The year is nearing its end. Have you taken advantage of the tax breaks available to municipal contractors?
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Section 179 isn’t a new tax credit, but it changes pretty frequently and can be difficult to keep track of. It was created to encourage small businesses to spend and invest in themselves, and 70 percent of small business owners plan to take advantage of it this year.